Financial Transparency Coalition

WASHINGTON, DC – Global Financial Integrity applauded the Senate Permanent Subcommittee on Investigations today on this week’s hearing, “U.S. Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing: HSBC Case History.” The hearing painted a picture of a bank that chose profit over protection, failing to apply legally mandated anti-money laundering protections to many of its accounts.

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...

WASHINGTON, DC – The FACT Coalition will host a joint press conference on Tuesday, July 17th following the Senate Permanent Subcommittee on Investigation’s hearing “U.S. Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing: HSBC Case History.”

Remember the scene in Office Space when Peter, Michael, and Samir accidentally steal $300,000? They realize they can’t give it back without admitting they stole it in the first place, so they think the only way out is to keep the cash and launder the funds. But three law abiding guys don’t really know how to launder money,, so they try looking up “money laundering” in the dictionary, hoping for a clue of how to do it. They don’t find an answer and give up on the idea. Bu then again, the dictionary doesn’t exactly give you a step by...