The Senate Permanent Subcommittee on Investigations put out a report earlier this week detailing ten years of HSBC failing to comply with regulatory measures. HSBC enabled drug lords to launder money in Mexico, did business with banks linked to Al Qaeda, and bypassed American sanctions against Iran.
Yesterday, HSBC officials testified before the Senate Homeland Security subcommittee. Officials from the bank apologized, but also said the internal problems that lead to such massive oversights had now been fixed.
The bank’s lax attitude toward compliance in Latin America first came to light in a Bloomberg Markets Magazine piece by Michael Smith.
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Comments [1]
Somebody get the guys who made "The Wire" to start working on this new show about The Mexican Cartel and the international money system.
Is this story surprising? Drug Lords have to money launder so that they can retire from drugs and become respectable businessmen.
We can have a conversation about new regulations, however the people who need the money laundered and the money being made by bankers doing the "wash" make any real changes unforeseeable.
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