Now HSBC found to be money laundering for drug cartels and terrorist groups

[Freakbro]

Haha, you just couldn't make this stuff up...

http://www.bbc.co.uk/news/business-18866018

A US senate investigation that has given a 335 page report conclusively shows that HSBC through the US market has been complicit in large scale money laundering for the Mexican drug cartels. Also with suspicious finanacial activities from groups linked with terrorism from Iran, Syria, Saudia Arabia...

So chief executives are being called in front of the senate committee, where they are going to say "Sorry"

Your kidding me right, a fine and a sorry...so far the banks have been found to be swindling people (mis-selling insurances and services), fraud (libor manipulation) and now criminal activity (money laundering) plus being the architects of the worlds global economic collapse and numerous other smaller infractions and all they seem to ever get is a slap and the wrist and have to say sorry. Oh and a few people at the top take early retirement on generous pensions. When are we going to see a root and branch clear out of the status quo, who are clearly not fit for purpose.

It's another nail in the fanciful ideal of the self regulating free market....what utter tosh, and we still have idiots calling for less regulation not more..

So when the Banks introduced "anti-money laundering" measures in 2002 to 'regulate' us naughty individuals...maybe they were actually looking for the people they needed to do business with rather than stop any of the activity!

 

[JonJ678]

Oh ffs. Leave the banks be. This endless whining is old, tired and self destructive.

edit: The spin that HSBC have been going in search of money laundering opportunities is absurd. They didn't check thoroughly enough to avoid it, but then neither did their competition. They'll be fined and we'll all get on with out lives. Eventually even yourself will realise that wishing harm on the financial sector, while living in the UK, is wishing harm on yourself.

 

[Freakbro]

Oh ffs. Leave the banks be. This endless whining is old, tired and self destructive.

edit: The spin that HSBC have been going in search of money laundering opportunities is absurd. They didn't check thoroughly enough to avoid it, but then neither did their competition. They'll be fined and we'll all get on with out lives. Eventually even yourself will realise that wishing harm on the financial sector, while living in the UK, is wishing harm on yourself.

What a ridiculous thing to say.

I am not unduly wishing harm on the financial sector, I am asking for people to be brought to account for their actions just like you or I would be and that the systems are in place for the financial sector to be run in a fit and proper manner so it stops bringing harm to the rest of us.

 

[Muffin`]

As far as I know, they're all at 'it'. Supposed 'lax anti-laundering' controls, but this is just one bank being picked on as they've probably not donated enough money to the right people.

 

[scorza]

Looking forward to another one of those charming HSBC ads featuring cute ethnic kids - this time I'm thinking that a Mexican gangster will be burying a load of corpses: "In the future, HSBC believes even the most violent of organisations will be able to freely move their money around the world without attracting the attention of the authorities. HSBC - the world's local bank."

 

[realBabelfish]

Oh ffs. Leave the banks be. This endless whining is old, tired and self destructive.

edit: The spin that HSBC have been going in search of money laundering opportunities is absurd. They didn't check thoroughly enough to avoid it, but then neither did their competition. They'll be fined and we'll all get on with out lives. Eventually even yourself will realise that wishing harm on the financial sector, while living in the UK, is wishing harm on yourself.

yeah, poor people. i mean they only caused a global economic crisis and swindled half the planet.

i wish i could do major criminal activities and just get a slap on the wrist and a teeny tiny fine (comparatively)

its people being apathetic that let this type of thing escalate

 

[Cosimo]

http://forums.overclockers.co.uk/showthread.php?t=18422392

 

[JonJ678]

The banks are not bringing harm to non-bankers. They fund much of the public spending in this country. It is bad for people to rage against them. It risks our government listening to their bleating and passing legislation that hurts the banks.

Hurt the banks and you reduce the income from them. Given the widespread (and i think plausible) fear that we're in the **** economically, and that the banks are one of the few big industries remaining to us, setting out to hurt the banks is an exercise in delusional self harm.

 

[asim18]

I'm confused, did HSBC actively launder the money themselves - ie. actually turn it into a legitimate source of income, or did launderings simply just end up being deposited in an HSBC account?

 

[estebanrey]

Haha, you just couldn't make this stuff up...

http://www.bbc.co.uk/news/business-18866018

A US senate investigation that has given a 335 page report conclusively shows that HSBC through the US market has been complicit in large scale money laundering for the Mexican drug cartels.

Woah there Mr Spin Doctor.

They were not 'complicit' in money laundering at all. Complicit means you are aware it's happening and allow it, that's not what happened.

Not doing the right checks to prevent money laundering != Complict in money laundering+

I'm confused, did HSBC actively launder the money themselves - ie. actually turn it into a legitimate source of income, or did laundered simply just end up being deposited in an HSBC account?

The latter, OP is misleading.

 

[Muffin`]

If you think the banking industry is bad, just look at property! Although you need the former to be just lax enough to let the latter work.

 

[Participant]

HSBC online banking down for anyone else? Can get as far as login screen but then it just hangs once I've entered my credentials.

 

[hola_adios]

Oh ffs. Leave the banks be. This endless whining is old, tired and self destructive.

edit: The spin that HSBC have been going in search of money laundering opportunities is absurd. They didn't check thoroughly enough to avoid it, but then neither did their competition. They'll be fined and we'll all get on with out lives. Eventually even yourself will realise that wishing harm on the financial sector, while living in the UK, is wishing harm on yourself.

Glad to know is 100 wrongs and not 2 which make one right

Saying that banks are a force of good in the middle of this crisis is misleading, since it is quite the opposite, all the bailout money is just going towards recapitalisation and none towards the population, whose taxes have been used to save them, which was a mistake in the first place.

Given the fact that most banks (globally) have not been forced to separate their banking from their financial operations, right now most are playing roulette with our money which is a total disgrace.

 

[Freakbro]

The banks are not bringing harm to non-bankers

Not sure what world you are living in, but it's not the same one as the rest of us.

They fund much of the public spending in this country

Err, no, they pay some of their taxes just like every other sector and are no bigger than many other sectors. In 2010 the whole financial and Insurance sector were 4th in the GVA contribution to the UK.

It is bad for people to rage against them. It risks our government listening to their bleating and passing legislation that hurts the banks.

Honestly, what rubbish. All these problems and illegal activities have happened because the current legislation was not enforced enough. Or are you saying that if they pay some tax it doesn't matter how they go about their business.

banks are one of the few big industries remaining to us, setting out to hurt the banks is an exercise in delusional self harm.

Retail, Manufacturing and Real Estate all bring in more value than the financial sector. It's only the banks that are delusionally saying they are more important than everyone else.

 

[Freakbro]

Woah there Mr Spin Doctor.

They were not 'complicit' in money laundering at all. Complicit means you are aware it's happening and allow it, that's not what happened.

Not doing the right checks to prevent money laundering != Complict in money laundering+

You really believe they were not aware of what was going on and what they were doing...

I see another customer for my amazing Snake Oil Panacea, the wonder cure for all ills, only $100 / bottle...message in trust

 

[Freakbro]

edit: The spin that HSBC have been going in search of money laundering opportunities is absurd.

Actually, there was a UN report that showed during the initial collapse in 2008 and the credit crunch, the worlds financial institutions were only kept afloat by the major players seeking out Drug Cartels and using their cash to keep the economic wheels turning....who else had abundant liquid capital they wanted to invest

So my comment that was just being sarcastic was hardly absurd...but this situation with HSBC dates back much further than the '08/'09 credit crunch

 

[Skull]

Actually, there was a UN report that showed during the initial collapse in 2008 and the credit crunch, the worlds financial institutions were only kept afloat by the major players seeking out Drug Cartels and using their cash to keep the economic wheels turning....who else had abundant liquid capital they wanted to invest

So my comment that was just being sarcastic was hardly absurd...but this situation with HSBC dates back much further than the '08/'09 credit crunch

Show us the UN report.

Ah:

"UNODC Executive Director Antonio Maria Costa was quoted as saying. There were "signs that some banks were rescued in that way."

Profil said Costa declined to identify countries or banks which may have received drug money and gave no indication how much cash might be involved."

 

[antijoke]

The banks are not bringing harm to non-bankers. They fund much of the public spending in this country. It is bad for people to rage against them. It risks our government listening to their bleating and passing legislation that hurts the banks.

Hurt the banks and you reduce the income from them. Given the widespread (and i think plausible) fear that we're in the **** economically, and that the banks are one of the few big industries remaining to us, setting out to hurt the banks is an exercise in delusional self harm.

You're a banker aren't you?

 

[Freakbro]

Show us the UN report.

Ah:

http://www.guardian.co.uk/global/2009/dec/13/drug-money-banks-saved-un-cfief-claims

Antonio Maria Costa, head of the UN Office on Drugs and Crime, said he has seen evidence that the proceeds of organised crime were "the only liquid investment capital" available to some banks on the brink of collapse last year. He said that a majority of the $352bn (£216bn) of drugs profits was absorbed into the economic system as a result.

http://www.un.org/apps/news/story.asp?NewsID=40189

Criminals saved our Banks:
The Effect of Money Laundering during the Financial Crisis

 

[jas72]

Just a pity that they are so strict with me trying to open a rainbow account for my son yet a quite lax in stopping millions of dollars being funneled through their banks.