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Showing posts from December 17, 2012

Big banks, big criminals?

Big banks, big criminals?m.aljazeera.com
With an office on many city streets banking giant HSBC plays up to its slogan "the world's local bank". But it also turned out that it was helping drug cartels, crime syndicates and so-called rogue nations to move billions around the world's financial system. A Mexican drugs lord described HSBC as "the place to launder money".The bank was busted after a year-long investigation by US authorities.The almost 400-page report revealed that customers took advantage of lax controls and poor oversight.The report says that the bank's Mexican arm transported $7bn to HSBC in the US, more than any other Mexican bank. Despite warnings, it did not think that was suspicious.It also says HSBC circumvented US safeguards designed to block transactions involving people the US regarded as terrorists and states regarded as rogue - Iran, North Korea and Cuba among them.And the report claims it provided US dollars and services to some …