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Author Topic: HSBC Bank Helped Terrorists, Iran, Drug Cartels & Russians Launder Money  (Read 1156 times)
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April 13, 2017, 07:41:24 PM
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A Senate report released ahead of the embargo time revealed that HSBC’s lax anti-money laundering policies allowed Mexican drug money, Iranian terrorist money, and even suspicious Russian money to enter the U.S. and gain access to U.S. dollar liquidity over the last couple of years.

The report, released late on Monday despite a 10 PM embargo time, was prepared by the Permanent Subcommittee on Investigations, and counted with the support of Senators Carl Levin and Tom Coburn.

In a year-long investigation, the Subcommittee found that HSBC violated several rules, exposing the U.S. financial system to “a wide array of money laundering, drug trafficking, and terrorist financing.”  According to the report, HSBC’s Mexican affiliate channeled $7 billion into the U.S. between 2007 and 2008 which possibly included “proceeds from illegal drug sales in the United States.”

UPDATE: In a statement, HSBC acknowledged that "in the past, we have sometimes failed to meet the standards that regulators and customers expect."  Vowing to improve their oversight and compliance with the law, they committed to fixing what is wrong, taking the opportunity to learn from previous mistakes.

HSBC actively circumvented rules designed to “block transactions involving terrorists, drug lords, and rogue regimes.”  In one case, “two HSBC affiliates sent nearly 25,000 transactions involving $19.4 billion through their HBUS [HSBC’s U.S. affiliate] accounts over seven years without disclosing the transactions’ links to Iran.”

They provided U.S. dollar financing and services to banks in Saudi Arabia and Bangladesh that were tied to terrorist organizations, while also clearing $290 million in “obviously suspicious travelers cheques” that benefitted Russians “who claimed to be in the used car business.”

Furthermore, the investigation showed how the bank’s regulator, the Office of the Comptroller of the Currency (OCC) failed to take a single enforcement action against HSBC despite numerous violations by the international bank.  Among them, failing to monitor $60 trillion in wire transfer and account activity, a backlog of 17,000 unreviewed account alerts regarding potentially suspicious activity, and a failure to conduct anti-money laundering due diligence before opening accounts for HSBC affiliates.

Senator Levin, whose scolding of Goldman Sachs’ Lloyd Blankfein during a hearing on collaterized debt obligations made him a well-known face in Wall Street, was hard on both HSBC and their regulator:

Quote
Due to poor AML [anti-money laundering] controls, HBUS exposed the United States to Mexican drug money, suspicious travelers cheques, bearer share corporations, and rogue jurisdictions.  The bank’s federal bank regulator, the OCC, tolerated HSBC’s weak AML system for years.  If an international bank won’t police its own affiliates to stop illicit money, the regulatory agencies should consider whether to revoke the charter of the U.S. bank being used to aid and abet that illicit money.

The Senate’s Subcommittee will reveal its findings on Tuesday during a Congressional hearing that will include testimony by HSBC officials and federal regulators.  This report is the latest in a string of embarrassments for the world’s major banks.  Only a few days ago, JPMorgan’s Jamie Dimon finally revealed further details on the so-called London Whale trades (which reportedly cost the bank more than $5 billion), while the on-going Libor manipulation scandal sparked a series of lawsuits that could be difficult to swallow for Barclays and other institutions involved.

HSBC’s New York-traded shares fell in post-market trading, as the report was leaked.  After a 0.3% decline during the trading session, the stock dropped 2.5% to $42.50 by the end of aftermarket trading.

https://www.forbes.com/sites/afontevecchia/2012/07/16/hsbc-helped-terrorists-iran-mexican-drug-cartels-launder-money-senate-report-says/

I think of this article whenever people claim bitcoin might be used for money laundering or terrorism.

This is one of the first things I saw which made me question how useful or effective capital controls or "regulation" are.

Another was the case of big pharma selling ephedrine/pseudo ephedrine directly to meth dealers without penalty.

In theory, things like this are never supposed to happen. In reality, they happen all the time.




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April 13, 2017, 08:14:55 PM
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Not only one HSBC is doing that,all that illigal activities are biggest source of incomes for banks,thay are doing that from years,when it is disovered thay pay some penalties,but his profits is much bigger,so thay are doing that again and again.To stop that bankers has to be jailed,if i will see banker jailed i will say what a miracle

 
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April 13, 2017, 11:57:00 PM
 #3

They will just pay a fine and move on. The problem is that with Bitcoin, there is nobody to fix responsibility. The government will see Bitcoin as something it can't control. No central figure to punish.

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April 14, 2017, 03:09:53 AM
 #4

They will just pay a fine and move on. The problem is that with Bitcoin, there is nobody to fix responsibility. The government will see Bitcoin as something it can't control. No central figure to punish.
The government have full control on dollar and other legal tender but the window of using the dollar  for finance evil they could not control it. Bitcoin as a decentralize crypto currencies may not need their control. Bitcoin allowed us to produce the currencies we use why dollar that is control by politicians and elites system keep it citizen as a slavery.
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April 14, 2017, 03:16:50 AM
 #5

Not only one HSBC is doing that,all that illigal activities are biggest source of incomes for banks,thay are doing that from years,when it is disovered thay pay some penalties,but his profits is much bigger,so thay are doing that again and again.To stop that bankers has to be jailed,if i will see banker jailed i will say what a miracle

What an odd way to word that lol... wtf. It sounds like these clowns are up shit creek without a paddle. I'm glad I don't have any investment within this particular bank. I'm sure they're all the same though tbh.
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April 14, 2017, 08:21:52 AM
 #6

So really they didn't help them, they just had bad regulations which allowed it to happen.

Generally banks don't have much incentive to support money laundering, just to allow it to happen since it makes people put a lot of money into their bank.  The problem is that since those transactions are so traceable people who do this are very likely to get caught eventually even if it happens all the time, which is why people turn to alternatives including Bitcoin for money laundering.

Bitcoin is convenient for money laundering.  That doesn't mean that it's Bitcoin's fault because it's just a side effect, but it also doesn't mean that everyone should pretend Bitcoin is perfect.  We recognise its pros, and we have to recognise its cons as well.

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April 14, 2017, 09:07:11 AM
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Already HSBC has been found to help in several money laundering services. It's a bank which doesn't function with legal procedures, hawala money transfer and tax evasions were much supported by this banking group which has tie up with private local exchanges.

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April 14, 2017, 02:23:46 PM
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Already HSBC has been found to help in several money laundering services. It's a bank which doesn't function with legal procedures, hawala money transfer and tax evasions were much supported by this banking group which has tie up with private local exchanges.
Yes HSBC indeed often stumble many cases, especially in money laundering. And it has happened many years (to my knowledge the first time in 2014). If you think this bank does not function according to legal procedures maybe is not right, because I think the more appropriate is the weakness of the law there so that it can enter the criminal funds into the financial system. They are aggressively marketing the scheme to a client can avoid taxes that apply in Europe and also made accounts for criminals, corrupt businessmen, and people at risk.
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April 14, 2017, 02:29:02 PM
 #9

Wasn't this news a fairly long time ago? I didn't think there were any new developments with this story, but it's always a good lesson when it comes to explaining how there are many ways for criminals, terrorists and everyone else to launder money, even though the basic systems we have set out for the fiat economy.

I don't think I've ever met someone who thought that Bitcoin is the sort of ultimate evil in that respect, though. Most of them realize it goes both ways if I ever start talking about it.
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April 14, 2017, 02:44:42 PM
 #10

this goes to show that fiat is the most used source of financing for Terrorists or drug lords or generally illegal activities

because if such colossal sums of money went through an exchange they wouldn't go unnoticed  and we would have seen bitcoin price surge!
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April 14, 2017, 03:00:19 PM
 #11

I think of this article Whenever people claim bitcoin Might Be used for money laundering or terrorism.

This is one of the first things I saw the which made me question how useful or effective capital controls or "regulation" are.
Remember the useful of the regulation is to give a limitation. Do not expect another usefulness by the regulation on the real life (prevent illegal activities).
The people already blamed the bitcoin must think for a twice after seeing this news.
Another was the case of big pharma selling ephedrine / pseudo ephedrine to meth dealers directly without penalty.
In theory, things like this are never supposed to happen. In reality, they happen all the time.
The regulation to give a mind education, but it can't use to Prevent the real act by the performer. That's like an alarm.
If there will people doesn't care about it and they will be passing it. And try to rush on that activity.




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April 14, 2017, 07:30:25 PM
 #12

Big banks never get punished. They will probably pay a settlement and move on.

Sad Sad Anyone else sick of trying to join signature campaigns and being denied after you have worn their signature for a week? Sad Sad
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April 14, 2017, 08:20:24 PM
 #13

All of them work for US, so called CIA couldn't know of such large amounts of money moving around? who gave US government the rights to wrongfully issue sanctions on a 75M population country targeting food/ home appliances/ medicine merchants?

You see the excuse of Iran will build atomic bomb and will nuke Israel is not within reason because Iran has enough missiles to rain hell on Israel and all the world knows it, I bet you'd say those people right now going from their comfortable homes from Iran voluntary to defend the resting places (holy places) of Islam's prophet's grandchildren in Iraq and Syria fighting ISIS and getting killed is indication of a nation supporting terrorism?

Anyways world powers and big banks are all in it for their own eating and drinking from the same table.

Good thing about bitcoin it's blind and doesn't care who does what as long as they don't double spend Cheesy
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April 14, 2017, 09:19:47 PM
 #14

I am still not sure how come they came to a conclusion that the bank has helped terrorist and drug cartels,the article really does not give any details and i hope this is a leaked information from the senate subcommittee and unless and until they present these information in the hearing you can only speculate what the real thing is,it is a common fact that there might be some cases but i am not sure whether the bank will support those cause even after knowing it is helping the terrorist.
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April 15, 2017, 04:25:44 PM
 #15

If I'm reading this right, HSBC launders money for illegal groups for similar reasons big pharma used to sell ephedrine/pseudo ephedrine directly to meth dealers, namely profits.

There is evidence banks and governments help terrorist organizations like ISIS and drug cartels to grow and prosper.

There are links that help prove this, give me time I'll get around to posting the ones that have an economic impact, eventually.

I am still not sure how come they came to a conclusion that the bank has helped terrorist and drug cartels,the article really does not give any details and i hope this is a leaked information from the senate subcommittee and unless and until they present these information in the hearing you can only speculate what the real thing is,it is a common fact that there might be some cases but i am not sure whether the bank will support those cause even after knowing it is helping the terrorist.

It was part of an investigation.

This article was published in 2012 & contains evidence banks laundered money for terrorist groups for the period something like 2002-2012.

Since then there have been follow up investigations in latter years where HSBC was still laundering money for terrorists drug cartels and other shady activities.

They're still laundering money now, as far as I know.

There has never been any real effort made to stop them made by the government & there has never been any real media coverage of this.

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April 23, 2017, 04:12:23 PM
 #16

Despite this being from 5 years ago, I just find this almost unbelievable. And they accuse bitcoin of being an easy way to launder money. This shows that even trusted "institutions" can cover up stuff to make a profit. Money really talks.

Even more infuriating is that they just got a slap on the wrist just like Western Union. If this is not more reason to keep money away from these companies, I don't know what.

We can expect that as more people find alternatives to their service, these companies would continue to stoop down even lower in the name of profit.
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April 29, 2017, 07:05:31 PM
 #17

Despite this being from 5 years ago, I just find this almost unbelievable. And they accuse bitcoin of being an easy way to launder money. This shows that even trusted "institutions" can cover up stuff to make a profit. Money really talks.

Even more infuriating is that they just got a slap on the wrist just like Western Union. If this is not more reason to keep money away from these companies, I don't know what.

We can expect that as more people find alternatives to their service, these companies would continue to stoop down even lower in the name of profit.

It irritates me how there are many credible publications like new scientist who are publishing ebooks painting crypto as a safe haven for criminals, money launderers, thieves and scammers.

This ebook was published this year in 2017 and still seems to be misleading people while pushing false narratives regarding bitcoin.


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April 30, 2017, 10:16:26 AM
 #18

HSBC as a any bank is part of the global financial system. So they do not stand in any state and there is no ethics to do whatever. They do not care whether their clients' money comes from terrorist acts, drugs, totalitarian states, and so on. What really interests them is not to lose control of the mass through the money they have to have. Their God = money.
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April 30, 2017, 02:22:54 PM
 #19

HSBS is into business and they are to make profit and good returned to the owners. Is it the role of the bank to stop money laundry or government's agencies? Last week all the news about money laundry, drug and terrorists funding was on bitcoin and now HSBC. Both bitcoin and dollars can be use for evils and for good.
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April 30, 2017, 02:56:37 PM
 #20

Bankers are the modern day bootleggers. If you ever watched the tv show "Boardwalk Empire" you'll understand how big the scam is. They are simply unstoppable because whoever tries to stop them will either get paid or get killed, depends on the situation.

Banks control huge amount of money and money is power. That's how they can pay their way out in any situation.




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