HSBC Faces More Money Laundering Accusations

I’m shocked.  Shocked, appalled, horrified and betrayed.  Actually, I’d be shocked if this didn’t happen.  From Reuters:

BUENOS AIRES, March 18 (Reuters) – Argentina’s tax agency said on Monday it has uncovered 392 million pesos ($77 million) in fraudulent transactions by HSBC Holdings Plc and said it has asked the judicial system to probe the European bank for alleged tax evasion and money laundering.

HSBC, Europe’s largest bank, was fined $1.9 billion last year for similar irregularities in Mexico and the United States.

“On the basis of what’s been investigated so far, in six months we’ve recorded 392 million pesos in fraudulent transactions, generated by evasion and money laundering,” Echegaray told a news conference.

Echegaray said HSBC executives had secured fake receipts from local businesses, allowing illicit transactions to be made.

HSBC said the AFIP’s allegations were of “great concern.”

“Great concern” huh?  Concerned about what exactly?  A tiny slap on the wrist?  What a menace to society these big banks have become.

Full article here.

In Liberty,
Mike

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3 thoughts on “HSBC Faces More Money Laundering Accusations”

  1. This may be the only time in my life I will EVER stand up for a bank. The Argentine government is SO corrupt that anything anyone can do to get their money out of the country and out of their greedy hands is truly a blessing.

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