Financial Transparency Coalition

WASHINGTON – Members of the Financial and Corporate Transparency (FACT) Coalition support three amendments that take aim at abuse of corporate offshore tax havens that have been offered in the Senate Budget Resolution debate.

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...

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.

LONDON / WASHINGTON DC - According to the chair of a U.S. Senate subcommittee, HSBC’s “pervasively polluted” culture allowed money launderers, drug dealers and suspected terrorists to move their money through the U.S. financial system. Today, the Permanent Subcommittee on Investigations (PSI) will hold a hearing exposing HSBC’s North American banking units alleged failure to curb financial crime, and the failure of banking regulators to address this.