Irene Dorner (left), president and CEO of HSBC Bank USA, N.A. and HSBC North America Holdings, Inc., New York, and Stuart Levey, chief legal officer of HSBC Holdings plc, London, England, confer during the Senate Homeland Security and Governmental Affairs Committee meeting on Capitol Hill, July 17.(Getty Images)
Irene Dorner (left), president and CEO of HSBC Bank USA, N.A. and HSBC North America Holdings, Inc., New York, and Stuart Levey, chief legal officer of HSBC Holdings plc, London, England, confer during the Senate Homeland Security and Governmental Affairs Committee meeting on Capitol Hill, July 17.
(Getty Images)

Another London-Based Bank Caught in Scandal

July 19, 2012  •  From theTrumpet.com
HSBC could face over a billion dollars in fines for laundering money from drug dealers and terrorists.
 

Europe’s largest bank, hsbc, was forced to apologize before the United States Senate June 17 after being accused of turning a blind eye to money laundering by drug cartels and terrorists. The bank’s head of compliance, David Bagley, resigned as the bank was accused of allowing clients with links to al Qaeda, Iran and North Korea to use the bank to transfer money around the world.

(Click to enlarge) Drivers pass an HSBC bank branch in downtown Los Angeles, California. (FREDERIC J. BROWN/AFP/Getty Images)The bank’s American operation “offers a gateway for terrorists to gain access to U.S. dollars and the U.S. financial system,” said a report by the Senate Permanent Subcommittee of Investigations.

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