Banks, the corporate world can’t be trusted
More evidence has come to light over HSBC’s money laundering and tax evasion facility.
As early as 2003 it has been known to authorities that, to put it politely, HSBC has been lax on anti-money laundering practices. Failure by the banking giant to do anything about it led to regulations being tightened in 2003 and then again in 2010.
Still HSBC continued ignoring the law and clearly having no ethics or morality.
In 2012 HSBC set up offshore accounts for drug-dealers and other criminals. Also in 2012 HSBC was fined $1.9 billion USD for ignoring US money laundering laws.
Now in 2013 HSBC comes under fresh accusations from Argentina stating that they are using fake receipts to facilitate money laundering and tax evasion to the sum of £50m
HSBC said that it would cooperate with the investigation, adding that the allegations were “of great concern”
Yeah, a great concern that you got caught again!