Black Dossier: HSBC & Terrorist Finance
2012 08 09

From: Antifascist Calling

It’s tough being the world’s second largest bank.

HSBC, the London-based British multinational banking and financial services giant operates in 85 countries with 7,200 offices worldwide with assets totaling more than $2.6 trillion (£4.06tn).

They’re also caught-up in serial scandals: the Libor interest rate-fixing scam, serious charges of drug money laundering as well as suspicions that bank officers "palled around" with terrorist financiers.

Founded in 1865 when the British Crown seized Hong Kong as a colony in the aftermath of the First Opium War, British merchants (today we’d call them drug lords) needed a bank to handle the brisk trade in the illicit substance and launched the Hongkong and Shanghai Banking Company Limited. Rebranded "HSBC" in 1991, the bank expanded at breakneck speed in the heady days after The Wall fell.

While some might call them a success story, exemplars of financial wizardry in tough economic times, more appropriately perhaps, we might borrow a term from Mafia lore to describe their preeminent position in the capitalist pantheon of corrupt institutions: juiced.

’Sorry, now Go Away’

Today, the "War on Drugs" rivals the "War on Terror" for top spot on the global hypocrisy index.

Moral equivalencies abound. After all, when American secret state agencies manage drug flows or direct terrorist proxies to attack official enemies it’s not quite the same as battling terror or crime.

Pounding home that point, a new report by the Senate Permanent Subcommittee on Investigations accused HSBC of exposing "the U.S. financial system to a wide array of money laundering, drug trafficking, and terrorist financing risks due to poor anti-money laundering (AML) controls."

That 335-page report, "U.S. Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing: HSBC Case History," (large pdf file available here) was issued after a year-long Senate investigation zeroed-in on the bank’s U.S. affiliate, HSBC Bank USA, N.A., better known as HBUS.

Drilling down, we learned that amongst the "services" offered by HSBC subsidiaries and correspondent banks were sweet deals with financial entities with terrorist ties; the transportation of billions of dollars in cash by plane and armored car through their London Banknotes division; the clearing of sequentially-numbered travelers checks through dodgy Cayman Islands accounts for Mexican drug lords and Russian mafiosi.

[...]

Read the full article at: antifascist-calling.blogspot






Related Articles


Latest News from our Front Page

Gov’t Fear Factory: ISIS Is Here, Just in Time for Another 9/11 Anniversary
2014 08 23
The government has been doing a whole lot of talking lately about the 9/11-style threat ISIS poses on American soil, how ISIS is like ’nothing the Pentagon has ever seen’ and how ISIS is likely already here... and all just in time right before another 9/11 anniversary! Fancy that. Considering it’s on record where ISIS got a lot of its military ...
France delivered arms to Syrian rebels, Hollande confirms
2014 08 22
President Francois Hollande said on Thursday that France had delivered weapons to rebels battling the Syrian regime of Bashar al-Assad “a few months ago.” The deliveries took place “a few months ago, when the Syrian rebels had to face both the armies of the dictator Bashar al-Assad and this terrorist group Islamic State,” Hollande told reporters on a tour of the ...
Brooklyn DA exposes hidden Child Sexual Abuse in the Orthodox Jewish Community
2014 08 22
Comment: We all know that the sex abuse cases within the Catholic church have been plastered all over the media in the last 6-8 years, but when do you ever hear about the rapes, sexual molestation and child sex abuse cases within the jewish orthodox community? Is the media helping to cover it? Will they give the same treatment of ...
California’s Economic Collision Course: Immigration and Water
2014 08 22
You have heard it before: “As California goes, so goes the nation.” If that is the case, the national economy will be harmed for decades to come because of California’s misplaced priorities today. Indeed, by emphasizing high-speed rail over water and failing to deal with its debt crisis, California poses a long-term threat to our national economy and ...
ISIS offered to swap Foley for ’Lady Al Qaeda’ - neuroscientist MIT-graduate
2014 08 21
An MIT-educated neuroscientist terrorist known as ’Lady al Qaeda’ was named on a ’laundry list’ of demands from ISIS captors holding James Foley named, it was revealed today. Petite mother-of-three Aafia Siddiqui is currently serving 86 years in a Texas jail after being arrested with plans for a ’mass casualty attack’ in the US, including infecting people with Ebola and a ...
More News »