Hsbc Scandal and Its Nature

Related Essays

Hsbc Scandal
now britain. Retrieved from http://www.dailymail.co.uk/news/article-2174785/HSBC-scandal-Britains-biggest-bank-let-drug-gangs-launder-millions--faces-640million-fine
Hsbc Money Laundering
Money-Laundering Scandal Case Facts HSBC is one of the largest financial institutions in the world, with assets over $2.5 trillion, 89 million customers, 220
Accounting Scandals 3
of the study. CHAPTER TWO review of literature 2.1 Concept of Accounting Scandal Accounting is a body of principles and conventions as well as an established
International Business
to encourage and assist societies to conserve the integrity and diversity of nature and ensure natural resources that are used in a fair and ecologically sustainable

Submitted by to the category Business and Industry on 11/18/2012 10:52 AM

What was the nature of the scandal, and which entities were laundering money?

One of the biggest banks in the world, HSBC is going through a global scandal. As of today HSBC is Britain’s biggest bank and it has allowed drug lord to illegally launder money through its bank. Since the bank has allowed billions to be launder it now faces penalties upwards of 640 billion. HSBC is also being accused of overlooking signs and warnings that would have stopped the money laundering from place like Syria, Iran and Mexico. One of the executive at the bank by the name of David Badgely resigned at the hearing of the Homeland Security which began to investigate on the scandal. Many of the issues were that they had transactions with Mexico, HSBC assisted in the transportation of cash from the Casa de Cambio which is a place in Mexico for money laundering. Around 2005 there was a rise of money being moved by HSBC and the Casa de Cambio, which eventually set of the alarms within the bank. Many of the employee bankers said that these transactions were perfectly legal when they weren’t. The bankers even tried to play it off by saying that the money was being transferred by Mexican landowners who worked in America and wanted to transfer their cash to families and loved ones. HSBC just keeps diffing a bigger hole for themselves with the lies and the deception and things are turning uglier every time a new accusation comes out against them.

Who is responsible for this scandal?

The people who were responsible for the scandal are Mr. Thurston Paul who is the CEO of Wealth Management. Mr. Paul is also the CEO of the Retail banking in the bank. Another person is Christopher Lok who is the CEO of PCM; HSBC did not succeed in paying attention and monitoring the 38 trillion that was being moved from one place to the other. Another person who is being monitored is Lord Green which is Britain’s trade minister and he being question about what he knew about the money laundering. Lord Green...

View Full Essay
Full Essay Stats...
  • Words: 725
  • Pages: 3
  • Views: 283