When choosing, "the world's local bank," HSBC account holders across the globe must know that their money is being used to wreak havoc, cause calamities and promote drug and terror-related deaths.
Over the past few years HSBC branches around the world have been involved in a number of illegitimate activities.
For instance, "banking with the Al Rajhi Bank, which is run by members of the Al Rajhi family alleged to have been 'major donors to al Qaeda or Islamic charities suspected of funding terrorism'" and money laundering that involved the financing of drug cartels.
When these activities were uncovered, HSBC "agreed to forfeit $1.256 billion and “enter a deferred prosecution agreement."
In another case, HSBC's Mexican operations moved $7bn into the bank's US operations for drug traffickers which caused 47,000 people to lose their lives since 2006 as a result of Mexican drug traffickers. The banks response to this was simply, "sorry". We have yet to hear what the monetary consequences will be.
David Bagley, HSBC's head of compliance since 2002, who had worked with the bank for more than 20 years, resigned after this was brought to light.
For transferring funds on the behalf of financiers for the militant group Hezbollah it was unfortunately decided that "actions were not the result of willful or reckless conduct," but the bank still paid $32,400 in the settlement.
HSBC is far from being the only culprit dealing with drug and terror money laundering. The Beirut-based Lebanese Canadian Bank ("LCB") paid $102 million as part of a settlement reached for funneling money to the Lebanese terrorist group Hezbollah as part of an international money laundering plot.
Another leading European bank, Credit Lyonnais SA, was involved in a case brought to New York by "200 plaintiffs killed or wounded in more than a dozen Hamas terrorist acts between 2002 and 2004. The bank allowed a Palestinian organisation that claimed to be a charity to launder Hamas money used in attacks in Israel in which the plaintiffs and their relatives were victims."
Credit Lyonnais SA was the first of three major international banks that faced similar lawsuits in American courts; the others are the Arab Bank, a Jordan-based bank and one of the leading banks in the Middle East, and the major British banking giant, NatWest.
The issue is that numerous other worldwide banks are knowingly not only lending money, but lending a hand to narcotics and terror-related crimes. The Triodos Bank, which claims that their "mission is to make money work for positive social, environmental and cultural change" is backing the Aksahum terror organization. Aksahum, formerly known as the Al Aqsa Foundation, has changed its name, but not its spots. Under the guise of a charity foundation, this group is utilizing a well-known European bank to funnel money.
Forewarned should be forearmed because regardless of how long it takes, all banks involved in such activities will be penalized for their actions and inactions.
Over the past few years HSBC branches around the world have been involved in a number of illegitimate activities.
For instance, "banking with the Al Rajhi Bank, which is run by members of the Al Rajhi family alleged to have been 'major donors to al Qaeda or Islamic charities suspected of funding terrorism'" and money laundering that involved the financing of drug cartels.
When these activities were uncovered, HSBC "agreed to forfeit $1.256 billion and “enter a deferred prosecution agreement."
In another case, HSBC's Mexican operations moved $7bn into the bank's US operations for drug traffickers which caused 47,000 people to lose their lives since 2006 as a result of Mexican drug traffickers. The banks response to this was simply, "sorry". We have yet to hear what the monetary consequences will be.
David Bagley, HSBC's head of compliance since 2002, who had worked with the bank for more than 20 years, resigned after this was brought to light.
For transferring funds on the behalf of financiers for the militant group Hezbollah it was unfortunately decided that "actions were not the result of willful or reckless conduct," but the bank still paid $32,400 in the settlement.
HSBC is far from being the only culprit dealing with drug and terror money laundering. The Beirut-based Lebanese Canadian Bank ("LCB") paid $102 million as part of a settlement reached for funneling money to the Lebanese terrorist group Hezbollah as part of an international money laundering plot.
Another leading European bank, Credit Lyonnais SA, was involved in a case brought to New York by "200 plaintiffs killed or wounded in more than a dozen Hamas terrorist acts between 2002 and 2004. The bank allowed a Palestinian organisation that claimed to be a charity to launder Hamas money used in attacks in Israel in which the plaintiffs and their relatives were victims."
Credit Lyonnais SA was the first of three major international banks that faced similar lawsuits in American courts; the others are the Arab Bank, a Jordan-based bank and one of the leading banks in the Middle East, and the major British banking giant, NatWest.
The issue is that numerous other worldwide banks are knowingly not only lending money, but lending a hand to narcotics and terror-related crimes. The Triodos Bank, which claims that their "mission is to make money work for positive social, environmental and cultural change" is backing the Aksahum terror organization. Aksahum, formerly known as the Al Aqsa Foundation, has changed its name, but not its spots. Under the guise of a charity foundation, this group is utilizing a well-known European bank to funnel money.
Forewarned should be forearmed because regardless of how long it takes, all banks involved in such activities will be penalized for their actions and inactions.