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HSBC Bank Investigated for Money Laundering

HSBC Bank Investigated for Money Laundering

The US Senate Subcommittee reported that the company known as HSBC Holdings PLC is under investigations for money-laundering through its bank.

The effort is a global one that includes any banks that are laundering money from shady companies or individuals.

Banks of this size can easily hide money, funds or transfers in their daily operations from terrorist countries, drug smugglers, gangs, criminals, terrorists and with the banks knowledge.

Since, 2008, major banks in the US and Europe have signed ” deferred prosecution agreements” to avoid jail time but paid out over one billion dollars in penalties to governments.

A spokesperson for the HSBC bank Robert Sherman said in a statement that the bank is discussing regulations and compliance issues with the Senate panel and that they are cooperating.

HSBC is a global bank with operations in the USA, Canada and 78 more countries and focus is on one bank in London for money laundering fraud, and evading taxes.

The US Justice Department has been issuing subpoenas and a continued effort by the US Security and Exchange Commission has pinned down a money laundering scheme at the bank.

HSBC has been under investigation for years including a 2010 discovery of ties with Angola in Africa an oil country where revenues are being diverted or mismanaged by its oil companies.