Financial Transparency Coalition

Ruling party joins money laundering charges in Mexico vote Reuters, July 19, 2012 Mexico Made 11 Laundering Accusations Involving HSBC Bloomberg, July 19, 2012 India to investigate alleged HSBC lapses in checking money-laundering NDTV (India), July 19, 2012 HSBC India staff under scanner for money laundering and terror financing The Economic Times, July 18, 2012

NPR’s Tom Ashbrook did a great program on the HSBC banking scandal, including an interview with Sen. Carl Levin, yesterday as a part of Thursday’s edition of On Point. The discussion is in regards to Tuesday’s Senate Permanent Subcommittee On Investigations hearing about HSBC’s money laundering allegations. In the interview, Senator Levin speaks about the long list of issues that goes along with solving these types of systemic problems, the main one being a lack of accountability. Improper enforcement, oversight, and a disregard for the well being of the global financial system are aspects of this...

The Next Chapter Of The HSBC Story: GFI Calls For Regulators To Change The Incentives For The Financial Industry Global Financial Integrity (Press Release), July 19, 2012 From a West Virginia hilltop to Hong Kong, investigators follow secret money The Pittsburgh Tribune-Review, July 17, 2012 Rafael Espada/Raymond Baker: The money behind the cartels Augusta Free

Reporter Chad Bouchard wrote an excellent piece covering Tuesday’s HSBC hearing in the Senate Permanent Subcommittee on Investigations. Committee presented the results of its investigation of HSBC, the international banking giant, that included over a million pieces of evidence, mostly in the form of emails between executives, showing patterns of non-compliance to laws and regulations, as well inadequate implementations of anti-money laundering safeguards. Bouchard breaks down the hearing, pointing out HSBC’s willingness to do business with rogue regimes, their failures to comply with good banking practices, as well as failures by U.S. regulators to put an end...