After Barclay, now HSBC in the news

[Wt_know]

HSBC lax in preventing money laundering by cartels, terrorists

 

source >> http://money.cnn.com/2012/07/16/news/compa...ney-laundering/

 

NEW YORK (CNNMoney) -- Global banking giant HSBC failed to prevent billions of dollars worth of money transfers that Senate investigators believe were linked to drug cartels and terrorist groups, according to a report released Monday.

 

The Senate's Permanent Subcommittee on Investigations said London-based HSBC (HBC) failed to review thousands of suspicious transactions and properly vet clients over the past decade.

 

Among other issues, the report notes that in 2007 and 2008, HSBC's Mexico unit shipped $7 billion in cash to the bank's U.S. affiliate, a volume of shipments that law enforcement officials said could reach that size "only if they included illegal drug proceeds."

 

HSBC Mexico had a number of high-profile clients linked to drug trafficking, the report says, as well as "a huge backlog of accounts marked for closure due to suspicious activity, but whose closures were delayed."

 

The subcommittee also found that HSBC worked extensively with Saudi Arabia's Al Rajhi Bank, some owners of which have been linked to terrorism financing. Some evidence suggests Al Rajhi's "key founder" was "an early financial benefactor of al Qaeda," the report says.

[Liping24cn]

The key word is Illegal Drugs.

Illegal is subjective when it comes to drugs.

It's illegal to buy some drugs without a doctor's letter. With that letter it become legal.

 

But does the illegal drugs.......makes the Money itself illegal as well? Unless its counterfeit notes.

Banks collects money, which is legal tender. So what wrong is that?

 

[Wt_know]

the keyword is 'wash money'

dirty become clean clean

 

[Watwheels]

To put it simple, bankers are in cahoots with these criminals.

[Wt_know]

haha ... so many mega-movies "depict" how banks and financial institutions make money and conspiracy theory

 

To put it simple, bankers are in cahoots with these criminals.

Edited July 17, 2012 by Wt_know

[Liping24cn]

Aren't some gov in the world also in cahoots with criminals in order to catch them?

Undercover spies is one example.

 

Banks history itself is a scam. Giving out legal tender monies which the banks only holds 10% worth of gold in assets. Thus if everyone goes to the bank to claim the paper money in gold, each one will only get 10% of the legal tender notes face value.

I think now if everyone go to the banks to exchange the notes to money, we will only get back 0.0001%(wild guess) of value in gold.

Of course the banks have secrets that are only known to few.