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

Recent Israeli Synagogue Attack, a Possible False Flag?
2014 11 21
Dear Friends - I woke up yesterday morning to see a newspaper lying on the kitchen table with the front page proclaiming that five people were slain in an Israeli synagogue after a so-called "Palestinian attack." Some members of the media said that four people were killed, others said five, so it seems like that there was some confusion (or ...
The Michael Brown Shooting, Race Baiting for Political Power and Militarization of the Police
2014 11 21
From Youtube: The evidence clearly shows that Officer Darren Wilson was justified in shooting Michael Brown, so why is this case being hyped by the mainstream media and the leftist political establishment?
Detekt: A New Malware Detection Tool That Can Expose Illegitimate State Surveillance
2014 11 21
Recent years have seen a boom in the adoption of surveillance technology by governments around the world, including spyware that provides its purchasers the unchecked ability to target remote Internet users’ computers, to read their personal emails, listen in on private audio calls, record keystrokes and passwords, and remotely activate their computer’s camera or microphone. EFF, together with Amnesty International, ...
New UK spy chief says tech giants aid terrorism, privacy not ‘absolute right’
2014 11 21
Robert Hannigan, the new head of GCHQ The new head of Britain’s GCHQ, the UK equivalent of the NSA in the U.S., said he believes privacy is not an absolute right and that tech giants must open themselves up to intelligence agencies. “GCHQ is happy to be part of a mature debate on privacy in the digital age,” Hannigan said. “But privacy ...
LOL: Atheist Feminist Pornographer Used as Moral Authority in T-shirt Row
2014 11 21
Dr. Matt Taylor was thrust into the headlines this last week, largely for his lead role in successfully landing a spacecraft on a comet 300 million miles from earth that travels at a speed of 85,000 mph. In short, Taylor and his colleagues pulled off one of the most amazing achievements in contemporary science and space exploration, and in a ...
More News »