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!
The state of things in the UK seem to be going from bad to worse. Costa Coffee (a British coffee chain) is opening up another branch which has created 8 jobs (3 full-time and 5 par-time) and so far they have received over 1700 applications.
Costa said they were shocked at the high number of applicants, it’s unclear why they are shocked, don’t they read the news? Or maybe from the bubble of the elite they are blissfully unaware of the plight of the working class… or maybe they just don’t care.
The applicants are said to include people vastly over qualified for the job such as former retail managers with years of experience and university graduates.
Sales at Costa have risen 7.1% since a boycott of US coffee chain Starbucks took place for not paying any corporation tax in the UK since 2009 and the UK’s Caffè Nero who didn’t pay any tax last year despite profits of almost £40m.
For a better tasting coffee, try an independent café.
Margaret Hodge, a former Labour minister, said rich businessmen designing the schemes were “running rings” around HMRC.
She said HMRC had an “appallingly bad record” at catching tax cheats, having fined just 11 people for promoting tax avoidance since 2004 – despite 10,000 people a year coming forward to report tax avoidance schemes.
What is £5bn to the UK?
In 2012 government spending on education went down by £2bn from £58.28bn to £56.27bn so £5bn could help avoid many of the cuts and economic difficulties the UK is currently experiencing.
Online retailer Amazon has come under fire again, recently the company has been under the spotlight for its tax evasion and now for its working conditions.
One of Amazon’s German warehouses has been the subject of a documentary in which seasonal workers were body searched, constantly watched and subject to room searches by the firms security guards.
Amazon is following up on the allegations after the German employment minister said that their contractors license could be revoked.
In another tangled web Amazon has contracted an agency to carry out the warehouse work and that agency has contracted Hensel European Security Services (HESS) to carry out the security work at the warehouses.
HESS has also been accused of having connections with the far-right which would account for their hard-line approach to workers and working conditions.