Looks like the Banksters are at it again.
HSBC testified before the United States Senate yesterday and disclosed some extremely troubling information, from the Guardian:
Executives with Europe's biggest bank, HSBC, were subjected to a humiliating onslaught from US senators on Tuesday over revelations that staff at its global subsidiaries laundered billions of dollars for drug cartels, terrorists and pariah states.Yes, Europe's largest bank is in the money laundering business.
A report compiled for the committee detailed how HSBC's subsidiaries transported billions of dollars of cash in armoured vehicles, cleared suspicious travellers' cheques worth billions, and allowed Mexican drug lords buy to planes with money laundered through Cayman Islands accounts.This is what Wall Street does. This is how they act. They are rootless parasites with no loyalty nor concern for the countries that they operate or are chartered in.
Other subsidiaries moved money from Iran, Syria and other countries on US sanctions lists, and helped a Saudi bank linked to al-Qaida to shift money to the US.
HSBC's Mexican operations moved $7bn into the bank's US operations, and according to its own staff, much of that money was tied to drug traffickers. Before the bank executives testified, the committee heard from Leigh Winchell, assistant director for investigative programs at US immigration & customs enforcement. He said 47,000 people had lost their lives since 2006 as a result of Mexican drug traffickers.Hey children of the 1st world - don't do drugs... work hard, go to a great college, get a premier job in banking... then launder money so other kids can do drugs!
The senators highlighted testimony from Leopoldo Barroso, a former HSBC anti money-laundering director, who told company officials in an exit interview that he was concerned about "allegations of 60% to 70% of laundered proceeds in Mexico" going through HSBC's affiliate.
But wait you can also launder money for rogue states and terrorists!
The bank circumvented US sanctions on countries including Cuba and Iran, says the report. In one case examined by the committee, two HSBC affiliates processed 25,000 transactions involving $19.4bn over seven years without disclosing the transactions' links to Iran.Occupy Wall Street before it occupies you.
The bank provided US dollars and banking services to banks in Saudi Arabia and Bangladesh despite links to terrorist financing, says the report.
In another example of lax controls the report says HSBC cleared $290m over four years in suspicious US travellers cheques for a Japanese bank, benefiting Russians who claimed to be in the used car business.