Briefing: HSBC, money laundering and Lord Green
What’s HSBC done wrong? Put simply, HSBC was not rigorous enough in preventing money laundering through its banks. Last week, the United States Senate’s Permanent Subcommittee on Investigations released a damning report finding that HSBC had ‘exposed the US financial system to a wide array of money laundering, drug trafficking, and terrorist financing risks due to poor anti-money laundering controls’. In particular, the committee criticised the way HSBC treated its Mexican arm. HSBC Mexico, the report says ‘operated in Mexico, a country under siege from drug crime, violence and money laundering; it had high risk clients, such as Mexican casas de cambios [bureaux de change] and US money service businesses; and it offered high
