note: HSBC is a Hong Kong bank.
HSBC allowed fraudsters to transfer millions of dollars around the world even after it had learned of their scam, leaked secret files show.
Britain's biggest bank moved the money through its US business to HSBC accounts in Hong Kong in 2013 and 2014.
Its role in the $80m (£62m) fraud is detailed in a leak of documents - banks' "suspicious activity reports" - that have been called the FinCEN Files. HSBC says it has always met its legal duties on reporting such activity.
well, maybe. The report says that lots of information about this was given to regulators in the past. So who was doing the regulation?
The files show the investment scam, known as a Ponzi scheme, started soon after the bank was fined $1.9bn (£1.4bn) in the US over money laundering. It had promised to clamp down on these sorts of practices. ...
The documents leak includes a series of other revelations - such as the suggestion one of the biggest banks in the US may have helped a notorious mobster to move more than $1bn.
way down in the article, it notes what brought the information about the Ponzi scheme to the attention of whoever: A lady in California was bilked out of $3000 and the guy who told her to invest the money was killed in April 2014. by local thugs, presumably hired by a woman who was scammed. The Ponzi scheme targeted those not very rich and who were naive, mainly Asian and Hispanics who trusted him because he pretended to have Christian ties.
Unfotuntately, he scammed the wrong lady.
(Personal hit jobs are the way things are alas done in countries where law is weak and cops can be bribed. Indeed, a lot of the "drug war" deaths blamed on Duterte were pay back murders by families denied justice, who figured Duterte's cops would now look the other way when they took rough justice on the one who harmed them).
The MSM has a bad reputation for their biased political reporting, but it is the press who is trying to dig out the facts here....the story broke via Buzzfeed of all people. If you remember, Buzzfeed also revealed the sleezy deals of Paul Manafort, who ended up in jail.
and the Muller investigation into the Russia links with the Trump campaign found a lot of this corruption was going on.
And yes, there is a Russian/US election link, but the links also include the Ukraine (not mentioned: if these schemes are related to Kolansky/Burisma/Biden links) Nigeria, Malaysia, etc etc. Yes, Epstein is mentioned but no details.
The records show that five global banks — JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank and Bank of New York Mellon — kept profiting from powerful and dangerous players even after U.S. authorities fined these financial institutions for earlier failures to stem flows of dirty money.
U.S. agencies responsible for enforcing money laundering laws rarely prosecute megabanks that break the law, and the actions authorities do take barely ripple the flood of plundered money that washes through the international financial system. In some cases the banks kept moving illicit funds even after U.S. officials warned them they’d face criminal prosecutions...