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Thread: HSBC Aided Money-Laundering by Iran, Drug Cartels, Probe Shows

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    Default HSBC Aided Money-Laundering by Iran, Drug Cartels, Probe Shows

    HSBC Aided Money-Laundering by Iran and Drug Cartels

    SBC Holdings Plc (HSBA) did business with firms linked to terrorism, let money-laundering safeguards in its Mexico operations erode and circumvented U.S. sanctions against Iran, according to U.S. Senate investigators.
    http://www.bloomberg.com/news/2012-0...obe-shows.html
    "Politics is the art of looking for trouble, finding it everywhere, misdiagnosing it, and then misapplying the wrong remedies.”

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    Default Re: HSBC Aided Money-Laundering by Iran, Drug Cartels, Probe Shows

    Quote Originally Posted by riposte View Post
    HSBC Aided Money-Laundering by Iran and Drug Cartels

    http://www.bloomberg.com/news/2012-0...obe-shows.html
    Very interesting. A large can of worms. Mexico, Saudi Arabia. All the hot spots.

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    Default Re: HSBC Aided Money-Laundering by Iran, Drug Cartels, Probe Shows

    "We will acknowledge our mistakes"

    They were not mistakes, they were crimes. Money laundering is a crime. Fraudulent behaviour is a crime. Aiding and abetting terrorists is a crime. Defrauding customers is a crime. Rigging interest rates is a crime.

    The global Banking system is a criminally run cartel.

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    Default Re: HSBC Aided Money-Laundering by Iran, Drug Cartels, Probe Shows

    Quote Originally Posted by MPB View Post
    "We will acknowledge our mistakes"

    They were not mistakes, they were crimes. Money laundering is a crime. Fraudulent behaviour is a crime. Aiding and abetting terrorists is a crime. Defrauding customers is a crime. Rigging interest rates is a crime.

    The global Banking system is a criminally run cartel.
    + 1 - Always was, and still is. The whole system is rigged to transfer money from the majority of people who do the work to a few who mostly like to spend it.

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    Default Re: HSBC Aided Money-Laundering by Iran, Drug Cartels, Probe Shows

    Quote Originally Posted by MPB View Post
    "We will acknowledge our mistakes"

    They were not mistakes, they were crimes. Money laundering is a crime. Fraudulent behaviour is a crime. Aiding and abetting terrorists is a crime. Defrauding customers is a crime. Rigging interest rates is a crime.

    The global Banking system is a criminally run cartel.
    +1
    You're on a roll.
    Oook.

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    Default Re: HSBC Aided Money-Laundering by Iran, Drug Cartels, Probe Shows

    More banking fun and games.

    David Bagley, head of group compliance within HSBC steps down over money laudering allegations.

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    Default Re: HSBC Aided Money-Laundering by Iran, Drug Cartels, Probe Shows

    Most of the dodgy banking stuff can be traced to the City of London which is solidly supported by the Tory-led government.

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    Default Re: HSBC Aided Money-Laundering by Iran, Drug Cartels, Probe Shows

    According to Vincent Browne panellist, ex HSBC people, aware of laundering, are now running NAMA ?

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    Default Re: HSBC Aided Money-Laundering by Iran, Drug Cartels, Probe Shows

    Quote Originally Posted by C. Flower View Post
    According to Vincent Browne panellist, ex HSBC people, aware of laundering, are now running NAMA ?
    Michael Geoghegan, former chief executive of HSBC, was appointed to the NAMA advisory board by Noonan in December 2011.
    David Hodgkinson, AIB chairman, was CEO of HSBC until the end of 2008, and was appointed to AIB by Lenihan in October 2010.

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    Default Re: HSBC Aided Money-Laundering by Iran, Drug Cartels, Probe Shows

    Quote Originally Posted by riposte View Post
    HSBC Aided Money-Laundering by Iran, Drug Cartels, Probe Shows
    The Hongkong and Shanghai Banking Corporation (the world's dirtiest bank) has served as the world’s #1 drug money laundry since its inception as a repository for British Crown opium proceeds ... what's new?
    Last edited by TotalMayhem; 18-07-2012 at 02:04 AM.
    Thus all which you call Sin, Destruction—in brief, Evil—that is my true element.

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    Default Re: HSBC Aided Money-Laundering by Iran, Drug Cartels, Probe Shows

    One of the probable consequences of the Senate HSBC report is that in addition to the existing and newly expected investigations by the Justice Dept. and various banking regulators, HSBC will also likely be subject to separate criminal investigations over money laundering, Mexico, Iran etc. by the Dept. of Homeland Security, and/or the intelligence services, and those guys bring a very different culture to their investigations.
    As a general rule the most successful man in life is the man who has the best information.

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    Default Re: HSBC Aided Money-Laundering by Iran, Drug Cartels, Probe Shows

    Quote Originally Posted by Count Bobulescu View Post
    .. and those guys bring a very different culture to their investigations.
    As in a "we're going to get you" culture, or a "how much to make this go away" culture? We're not talking small change here, so a bit of Greek style purchasing of political goodwill seems like a possible and timely tactic, or not?

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    Default Re: HSBC Aided Money-Laundering by Iran, Drug Cartels, Probe Shows

    Quote Originally Posted by Ephilant View Post
    As in a "we're going to get you" culture, or a "how much to make this go away" culture? We're not talking small change here, so a bit of Greek style purchasing of political goodwill seems like a possible and timely tactic, or not?
    They need to buy any and all goodwill they can.
    As a general rule the most successful man in life is the man who has the best information.

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    Default Re: HSBC Aided Money-Laundering by Iran, Drug Cartels, Probe Shows

    Sooner or later someone looking suitably discomfited will appear on the news, mouth perhaps half-open to inform us that major European banks have been laundering drug, extortion and prostitution racket money for Eastern European 'wealth creators' for some years now since the fall of the Berlin Wall.

    Which I, as you can see from any number of threads on banking on this forum, have been alleging for at least a couple of years now.

    ING were busted for the same thing recently, laundering cocaine money on an industrial scale for Mexican drug lords.

    The boards of these banks will be awfully, awfully, appalled to hear that. Basically when you look at some of the major banking groups in the west you are looking at the front office for organised crime definitely in Russia and eastern Europe. There has been a pipeline via Croatia and Albania for example for years washing money through and into the western European banking system via 'private wealth funds' in tax havens and via places like Austria and Luxembourg. Other tax havens are used in the Caymans and Bermuda for example through subsidiaries of these mittel-European banks.

    They've been laundering for the mafia for decades- why should Russian criminals be any different?
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

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    Default Re: HSBC Aided Money-Laundering by Iran, Drug Cartels, Probe Shows

    It is a bit like arms dealing. Some years ago regulators in the UK were appalled- appalled that western arms were ending up suspiciously easily in the hands of the chappies shooting at their troops on one adventure or another.

    Strong words were said. Fingers wagged. Legislation produced to prevent UK arms companies from sending off a couple of shiploads of wire-guided missiles to next year's threat to world peace.

    Only problem is that a loophole seemed to have been left by accident in the legislation- the UK arms companies could simply re-route sales through offshore subsidiaries.

    Tut... tut ... tut ... so careless... its the same with banking. I'm pretty sure the German, UK and US governments are well aware of the facilitation of criminal funds by the western banking system for years.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

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