Financial Transparency Coalition

Stefanie Ostfeld of Global Witness, member of the Task Force, had a great Op-Ed published in The Hill on Tuesday. She outlines the recent HSBC hearing involving money laundering and terrorist financing allegations against the bank. HSBC’s failure to comply with regulations or put in place safeguards against these types of illicit activities not only promotes a dirty global financial system, but it opens up the U.S. financial system to these criminals.

Wednesday's Top News Stories from Global Financial Integrity.

Senator Carl Levin (aka “Watchdog of America”) is at it again. Yesterday morning the Senate’s Permanent Subcommittee on Investigations, which Senator Levin (D-MI) chairs, held a hearing to investigate HSBC, the UK-based bank and Europe’s largest financial institution, which has allegedly systematically (and knowingly) lapsed its anti-money laundering systems and allowed suspicious transactions into the United States. According to the subcommittee’s investigative report released Monday, HSBC systematically ignored warnings and failed to stop illegal behavior many times between 2001 and 2010. The report found HSBC accepted deposits intoU.S. branches from Mexican drug cartels, Saudi Arabian banks with terrorist ties,...

Govt moves to curb illegal capital flight The Daily Star (Bangladesh), July 16, 2012 Evidence of illicit financial flows from developing countries placed in Germany Trust Law, July 15, 2012 HSBC Nears Pact in Launder Probe The Wall Street Journal, July 15, 2012 Tax evasion, not corporate fraud, at Reebok India? The Times of India,