HSBC laundering money for Mexican drug cartels & transferring Iranian funds

[Kassy]

HSBC has been accused by the US Senate of laundering money for Mexican drug cartels & transferring funds from Iran while hiding their origin.

They had taken actions in some of the cases but banker style.

Ignore systemic failure.
Fire puppets
Hire puppets

Repeat loop until you've got to publicly admit you're embarressed.

You failed to catch yourself cheating or not complying (they could be two different things).

They'll probably get slapped with some hefty fine.

http://www.bbc.co.uk/news/business-18867054

[Oric]

How can a non US bank transfer Iranian funds ? Shame on them ...

[Potemkin]

Originally Posted by Oric

How can a non US bank transfer Iranian funds ? Shame on them ...

Oric, they know HSBC is a non-US bank. However, there is a separate company of HSBC handling the US banking. That was the one they questioned.

The president and chief executive of HSBC Bank USA, Irene Dorner, apologised to the committee for the behaviour which she said deeply regretted.

As for the head of the main HSBC testifying, he wasn't subpoenaed (legally required to appear) he as asked by the Senate Committee to testify voluntarily.

However, I think the Senate report is weak and they don't have proof.

If they had proof the US Justice Department would have had indictments and people would have been arrested.

From what I get Iranians or Iranian organizations wanted to move money from the US to Iran. They couldn't open an account at a US branch of HSBC.

HSBC US told them to go to the main HSBC for the account.

Later, HSBC US made deposits from US based accounts to non-US HSBC accounts.

According to the Senate committee, HSBC accepted more than $15bn in cash from subsidiaries in Mexico, Russia and other countries at high risk of money laundering but failed to conduct any monitoring of these bulk cash transactions between mid-2006 and mid-2009.

An example of what I was talking about.

The report also found that HSBC knew of lax anti-money laundering practices at its Mexican subsidiary HBMX, which had dated back to its purchase in 2002.

And this.


OK, I am a US citizen and against terrorism. However, this is an example of the US trying to get other countries to follow US laws.

What right do we have telling other countries how to run their banking or business operations?

We can't so a report is created couched in words where they think they had proof of wrong doing, throw in some words like terrorist, drug runners, gun runners etc, hold a Hearing and play to the press.

Here are some of the major findings. http://www.bbc.co.uk/news/business-18880269

It looks bad like that and it may have happened but like I said, if they had proof of broken US laws, they would have already been arrested.

I think this is just political show for the upcoming elections in November.

[Oric]

All this terrorism talk is of course the cover story. United States is taxing Iran's oil revenues. First and the standard method is US capital oil companies place themselves in the value chain (production, distribution, rEfinery, all) and get a fat share, if a country resists at this point, it is placed as a country non-grata status and the second method of taxing comes into play. This is the indirect method and has many components but for Iran's case, Iran has been put into an international blockade position by media coverage and presentation as a terrorist state who is ready to bomb israel in the first opportunity and this financial blockade now leaves iran no choice but to do financial transactions on very limited channels. These channels are in control of United States and each money transfer has a high "commision rate" changing from 0.3% to 30%. U.S sends a special envoy of diplomats and "representatives" of US government to banks all around the world who politely show the stick and the terms of doing business with iran. Meanwhile some financial instutionsdo transfer iran money charging the above mentioned rates, whose commisions end up in US pockets after a few hubs. Strange but true, i am telling you these from first hand field experience, but please don't believe me and quote me in your daily conversations.

[dharma]

Don't worry, Oric, that's not bloody likely.

You do write interesting fiction, but it's not believable enough to sell.

[Catbird]

Originally Posted by dharma

Don't worry, Oric, that's not bloody likely.

You do write interesting fiction, but it's not believable enough to sell.

Wow. This Oxy really is doing something to my head... I actually agree with dharma on a topic that is about money and even oil! It must be time to get off these meds!

(But then, I'm PWUI, so in reality, nothing I say actually counts. )

[CanadaSue]

And no, that is NOT a purple bat you're seeing on the wall to your left above the monitor.

It's actually yellow.

[dharma]

Catbird, I am touched. Touched, I tell you.

Keep taking those meds.