Tuesday, 17 July 2012

The banking scandals just keep coming

This time it is HSBC and money laundering. From the BBC:

A US Senate probe has disclosed how lax controls at Europe's largest bank left it vulnerable to being used to launder dirty money from around the world.

The report into HSBC, released ahead of a Senate hearing on Tuesday, says huge sums of Mexican drug money almost certainly passed through the bank.

Suspicious funds from Syria, the Cayman Islands, Iran and Saudi Arabia also passed through the bank.

HSBC said it expected to be held accountable for what went wrong.

The damning report comes at a difficult time for the British banking sector, with standards and practices are under the spotlight

That is a cracking collection of rogue states and assorted bandits; Iran, Syria, and Mexican drug cartels.


Anonymous said...

Only one bank caught money laundering?

Nick Drew said...

world's favourite bank, what do you expect ?

I tell you, they will all be coming after the City - Americans in the van