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

Björn Söder, Swedish Jews, and Multiculturalism
2014-12-23 2:12
Of all the accusations commonly leveled against a Jews as a group, perhaps the one they find most frightening is the accusation that they are disloyal, or aren’t ‘quite’ like the rest of us. Arguably, a large part of the Jewish evolutionary strategy consists of maintaining a pose, or pretence, to be fully in and of the nation and its ...
'Spectre' Is Doomed: Did North Korea Kill James Bond? No, but Political Correctness will
2014-12-22 22:01
Comment: Below is an interesting article from Forbes on the fate of the Bond franchise. They asks: 'Spectre' Is Doomed: Did North Korea Kill James Bond? North Korea probably wasn't behind the Sony hack, China also chimed in. Looks more like a False Flag Hack. North Korea is a lot of things, but behind the Sony attack? Probably not. They have ...
NYPD officer slayings: When the Left's False Narratives Have Deadly Consequences
2014-12-22 21:12
On Saturday afternoon, Black Brooklynite Ismaaiyl Brinsley ambushed two NYPD police officers and shot them both to death while they were sitting in their patrol car. According to early reports, there was “no warning” and “no provocation.” Brinsley simply approached the vehicle and “unloaded” on the two officers sitting inside. Hours before the assassination, he had announced his intent ...
Saudi oil chief: No conspiracy behind oil prices
2014-12-22 20:36
Nothing to see here or here Saudi Arabia's oil chief on Sunday dismissed allegations that his kingdom conspired to bring down oil prices in order to harm other countries and told a summit of Arab energy leaders that he was confident the market would stabilize. The kingdom, which is dependent on oil revenues, is able to weather lower oil prices due to ...
North Korea's internet is having serious problems
2014-12-22 19:13
North Korea is having serious connectivity issues this morning, North Korea Tech reports. The country has extremely limited web infrastructure to begin with, but reports from Dyn indicate the country's infrastructure has suffered a series of major outages over the past 24 hours. As a result, anyone at a North Korean IP would have found it nearly impossible to connect ...
More News »