Black Dossier: HSBC & Terrorist Finance
2012-08-09 0:00

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

Israeli spy Jonathan Pollard to be released in November
2015-07-29 23:25
Parole board decides to release convicted spy after 30 years; Israeli officials deny claims that development is linked to the deal with Iran over its nuclear program. A federal parole board has ruled that Jonathan Pollard, a former US Navy intelligence officer convicted of spying for Israel, will be released in November after serving a 30-year prison sentence, his attorneys said ...
Swedish University removes all portraits and busts of White Male Professors
2015-07-29 23:51
Portraits and busts of all the “white male professors” have been removed from the part of Stockholm University, Sweden, which is dedicated to the study of Law. Not only have they be removed, but they have also been replaced by artwork which apparently promotes “diversity”. One of these is a drawing of a moose head colored with a rainbow. Dean of Stockholm University, ...
40% of Palestinian Children Detained by Israel Are Sexually Abused: Virtually All Are Tortured
2015-07-29 22:52
According to a new report by the independent, non-governmental, human rights organization the Palestinian Prisoners Club (PPC), at least 600 Palestinian children have been arrested in Jerusalem alone in the past five months. Of these, roughly 40% were sexually abused. PPC attorney Mufeed al-Haj notes that this horrific, grotesque abuse is not the only crime of which the Israeli military is ...
Barbara Lerner Spectre On Twitter!
2015-07-28 23:04
Kevin MacDonald writes in 2010: In the video below, Barbara Lerner Spectre, who runs a government-funded Jewish study group in Sweden, makes the following remarkable statement—remarkable because she does not attribute anti-Jewish attitudes to irrational prejudices or even Muslims who hate Israel. Instead she says that it’s because of the “leading role” played by Jews in the movement toward multiculturalism: “I think ...
Sweden investigating underwater wreckage as possible Russian submarine
2015-07-28 20:38
What may be the wreckage of a Russian submarine is seen off the coast of Sweden The Swedish military is studying a video taken by shipwreck hunters who say it shows a wrecked submarine, just off the country’s eastern coast, which appears to be Russian. Ocean X Team, the company behind the discovery, said on its website: “It is unclear how old ...
More News »