Multinationals blamed for illicit money transfer from Africa to developed countries All Ghana News, August 1, 2012 HSBC’s misdeeds require prosecution, not a settlement Politico, July 31, 2012 Cooperator Gets 18 Months in Complicated Bribery Case Wall Street Journal (blog), July 31, 2012 Avon in talks to settle bribery probe; profit plunges Reuters, August 1, […]
Know a tax dodger? Tell a teacher. Children ‘encouraged to become state spies’ and report neighbours who pay too little Daily Mail (UK), July 25, 2012 French Senators Clamour For Action Against Tax Evasion Tax-News, July 30, 2012 Spanish cabinet adopts draft law to combat tax evasion Global Times (China,) July 28, 2012 Retailers warned […]
Report blames multinational illicitly for transferring most of the $1.5 trillion made in Africa each year Africa Press Organization, July 27, 2012 How To Set Up An Offshore Company NPR Morning Edition, July 27, 2012 Super rich hold $ 40 trillion in offshore havens: BN ‘warlords’ included! Reuters, July 24, 2012 U.S. Considering Wide-Ranging Bribery […]
Yesterday on the Daily Show, Jon Stewart dedicated his first three minutes to talking about the HSBC money-laundering case. As he’s known to do, Stewart gave a quick primer of the situation coupled with some humor. During his HSBC segment, he mentions how there are a lot of banking scandals that most people don’t really […]
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 lack of accountability.
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 to known malfeasance.
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.
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, […]
Tax justice one step closer Norwegian Church Aid, July 5, 2012 HSBC to face US lawmakers over money laundering charges International Business Times (UK), July 12, 2012 Tax Avoider in Chief? The New York Times (Op-Ed), July 11, 2012 France, Germany tax evasion inquiries target Swiss bank clients Los Angeles Times, July 11, 2012 Tackling […]
FBI Says Zetas Laundering Scheme Used BofA Accounts The Wall Street Journal (blog), July 9, 2012 Follow the Money: Media’s Involvement in Trailing Laundered Money Nigeria Intel (Civic Media Institute of Nigeria), July 9, 2012 Romney’s offshore tax havens helping cause the deficit problem he complains about MSNBC, July 9, 2012 Finance industry’s multimillion-pound lobbying […]