February 3, 2012
Filled Under: CONTROVERSY, CORRUPTION
A former employee of HSBC in New York apparently says he has over 1,000 pages of customer account records which is evidence of an international money-laundering scheme involving hundreds of billions of dollars by the global banking giant HSBC, which reportedly is under investigation by a US Senate committee. John Cruz has delivered to WND customer account records he says he pulled from the HSBC computer system before he was fired. Cruz was terminated Feb. 17, 2010, after two years at HSBC for "poor performance", but he contends he was let go because senior management didn’t want to him to pursue his personal investigation. Read more: WND.COM The videos are a MUST WATCH.
Background on this case: In August 2010 HSBC Bank US disclosed that it was going to be under investigation by the US Justice Department and federal banking regulators for possible violations of anti-money-laundering laws and other federal statutes and regulations. Reports at the time said that in a filing with the Securities and Exchange Commission, the British bank said it had received grand jury subpoenas from the Justice Department and was also the "subject of ongoing examinations” by the Office of the Comptroller of the Currency and the Federal Reserve Bank of Chicago. “These examinations and inquiries pertain to, among other matters, our Global Banknotes business and our foreign correspondent banking business, and our compliance with Bank Secrecy Act (“BSA”), Anti-Money Laundering (“AML”) and Office of Foreign Assets Control requirements,” the filing had said.
US financial institutions are required to assist the government in detecting and preventing money laundering, tax evasion, and other criminal activities, according to The Bank Secrecy Act. The US Treasury Department’s Office of Foreign Assets Control administers and enforces economic and trade sanctions against targeted foreign countries and regimes.
In light to the investigation, the bank apparently decided in June to shut down the banknotes business, which it said did not fit with its primary business. Then, in February 2011, Sen. Carl Levin (D-Mich.) said he planned to refer HSBC to US bank regulators in connection with questionable accounts it provided to senior government officials in Angola. Levin, who apparently chairs the Permanent Subcommittee on Investigations, said this after holding a hearing on the flow of corrupted foreign money into the United States.
Please note that in accordance with the Transparency International’s Corruption Index, Angola is one most corrupt countries in the world. This country's leaders are widely suspected of laundering state funds out of the country.
A report issued by Levin’s committee found that in 2002, the then-governor of Angola’s central bank tried to move $50 million of state funds into a private US account and that HSBC had been slow to flag the potentially tainted funds. The same report also noted that despite the suspect transfers, HSBC continued to do business with the Angolan central bank and may have provided it with offshore accounts.
In June 2011 a Reuters report said that HSBC had cut ties with some Angolan banks.
French prosecutors launched a money-laundering investigation of HSBC and Italy’s tax police are probing possible tax evasion in about 7,000 HSBC bank accounts.
MUST WATCH VIDEOS - HSBC Banking Giant Accused of Laundering Trillions!!!
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A former employee of HSBC in New York apparently says he has over 1,000 pages of customer account records which is evidence of an international money-laundering scheme involving hundreds of billions of dollars by the global banking giant HSBC, which reportedly is under investigation by a US Senate committee. John Cruz has delivered to WND customer account records he says he pulled from the HSBC computer system before he was fired. Cruz was terminated Feb. 17, 2010, after two years at HSBC for "poor performance", but he contends he was let go because senior management didn’t want to him to pursue his personal investigation. Read more: WND.COM The videos are a MUST WATCH.
Background on this case: In August 2010 HSBC Bank US disclosed that it was going to be under investigation by the US Justice Department and federal banking regulators for possible violations of anti-money-laundering laws and other federal statutes and regulations. Reports at the time said that in a filing with the Securities and Exchange Commission, the British bank said it had received grand jury subpoenas from the Justice Department and was also the "subject of ongoing examinations” by the Office of the Comptroller of the Currency and the Federal Reserve Bank of Chicago. “These examinations and inquiries pertain to, among other matters, our Global Banknotes business and our foreign correspondent banking business, and our compliance with Bank Secrecy Act (“BSA”), Anti-Money Laundering (“AML”) and Office of Foreign Assets Control requirements,” the filing had said.
US financial institutions are required to assist the government in detecting and preventing money laundering, tax evasion, and other criminal activities, according to The Bank Secrecy Act. The US Treasury Department’s Office of Foreign Assets Control administers and enforces economic and trade sanctions against targeted foreign countries and regimes.
In light to the investigation, the bank apparently decided in June to shut down the banknotes business, which it said did not fit with its primary business. Then, in February 2011, Sen. Carl Levin (D-Mich.) said he planned to refer HSBC to US bank regulators in connection with questionable accounts it provided to senior government officials in Angola. Levin, who apparently chairs the Permanent Subcommittee on Investigations, said this after holding a hearing on the flow of corrupted foreign money into the United States.
Please note that in accordance with the Transparency International’s Corruption Index, Angola is one most corrupt countries in the world. This country's leaders are widely suspected of laundering state funds out of the country.
A report issued by Levin’s committee found that in 2002, the then-governor of Angola’s central bank tried to move $50 million of state funds into a private US account and that HSBC had been slow to flag the potentially tainted funds. The same report also noted that despite the suspect transfers, HSBC continued to do business with the Angolan central bank and may have provided it with offshore accounts.
In June 2011 a Reuters report said that HSBC had cut ties with some Angolan banks.
French prosecutors launched a money-laundering investigation of HSBC and Italy’s tax police are probing possible tax evasion in about 7,000 HSBC bank accounts.
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