Tags
al rajhi bank, drug cartels, HSBC, hsbc holdings plc, Iran, Money Laundering, Nuclear Iran, politics, probe by US Senate investigators, Sen. Carl Levin, undefined, Urgent Summit
[Newsmax.com]
Monday, 16 Jul 2012 05:56 PM
HSBC Holdings Plc did business with firms linked to terrorism, let money-laundering safeguards in its Mexico operations erode, and circumvented U.S. sanctions against Iran, according to U.S. Senate investigators.
The Permanent Subcommittee on Investigations released a 335-page report today detailing a decade of lax controls that allowed HSBC, Europe’s largest bank, and its affiliates around the world to give terrorists, drug cartels, and other criminals a portal into the U.S. financial system. Lawmakers plan to question senior executives from Europe’s largest bank at a hearing in Washington tomorrow.
“HSBC used its U.S. bank as a gateway into the U.S. financial system for some HSBC affiliates around the world to provide U.S. dollar services to clients while playing fast and loose with U.S. banking rules,” said Sen. Carl Levin, the Michigan Democrat who heads the subcommittee. “The failure of accountability here is dramatic.”
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