Posted in: Crime

HSBC Scandal: British Bank Accused Of Helping Drug-Running And Arms Dealers

HSBC Scandal: British Bank Accused Of Helping Drug-Running And Arms Dealers

The HSBC scandal is just now unfolding as Britain’s largest institutional bank, HSBC, is being accused of a “drugs and gun-running” scandal. HSBC is accused of opening offshore accounts in New Jersey for high-profile British criminals including drug dealer Daniel Bayes and arms merchant Michael Lee. These Jersey-based HSBC bank accounts are purportedly being used for money laundering and British tax evasion.

HSBC started as a small local bank in Hong Kong in 1865. Now HSBC is one of the world’s largest banking and financial services organisations. HSBC stock shares are listed on the London, Hong Kong, New York, Paris, and Bermuda stock exchanges.

The HM (Her Majesty’s) Revenue and Customs began investigation into the HSBC scandal earlier this week after receiving information from a whistle-blower who secretly provided a list of HSBC customers, addresses, and account balances to the HMRC. This list identified 4,388 HSBC customers holding £699 million in offshore Jersey accounts, which translates to roughly $1.1 billion US dollars at today’s currency exchange rates. According to the Daily Mail, HSBC “was accused by the US government of fostering such a ‘polluted’ culture it became a conduit for criminal enterprises and faces $1.5 billion in fines.” This includes Mexican drug money laundering and other schemes.

Over at The Independent, HMRC has issued a press release on the HSBC scandal:

“We can confirm we have received the data and we are studying it. We receive information from a very wide range of sources which we use to ensure the tax rules are being respected. Clamping down on those who try to cheat the system through evading taxes and over-claiming benefits is a top priority for us, and we value the information we receive from the public and business community.”

HSBC bank has responded to the HSBC scandal by saying:

“We are investigating the reports of an alleged loss of certain client data in Jersey as a matter of urgency. We have not been notified of any investigation in relation to this matter by HMRC or any other authority but, should we receive notification, we will co-operate fully with the authorities. HSBC remains fully committed to adoption of the highest global standards including the procedures for the acceptance of clients.”

This new HSBC scandal is likely to ensure further crackdown on corrupt practices in the banking industry. What do you think about the HSBC scandal?

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Comments

25 Responses to “HSBC Scandal: British Bank Accused Of Helping Drug-Running And Arms Dealers”

  1. Anonymous

    I dropped these idiots a long time ago because of their practice of holding payments until after due date thereby creating late fees and increased rates. They didn't have agreements with other banks for electronic transfers. Therefore, my bank had to mail payment allowing them to hold them!

  2. Anonymous

    My limited dealings with this outfit years ago showed me HSBC is comprised of nothing but scumbags. Everyone there from local managers all the way up the chain should be imprisoned for the rest of their miserable lives.

  3. Anonymous

    …sounds like HSBC is just another criminal enterprise, just high-end…I wonder what else will soon be discovered/divulged? The more rocks authorities turn over, the more cockroaches (and there parasite attorneys) they will find..

  4. Angelo Anzalone

    That fine is nothing more that a slap on the wrist, they should have lost their banking license. Whose more corrupt, HSBC or the government officials who got paid off to look the other way?

  5. Kim Marker

    I worked for them under Beneficial back in 2007-2008. Right as the Sub-Prime market went to heck in a hand basket. I had heard the rumors then that they laundered money for terrorist groups such as Al Quada.
    And what they did to old folks refinancing their homes…I'm ashamed. Their credit cards and department store cards are rip offs. If you have them, get rid of them. Hidden fees all over the place!

  6. Anonymous

    Um, the bank accounts were not in New Jersey — not in the USA. The accounts were in Jersey, in the Channel Islands, which has long been a place to park money to evade UK taxes.

  7. Michael Wolverton

    Just think: If HSBC Headquarters were in America, The CEO could go testify to congress just like Jon "I have ZERO clue where that $1.6 Billion Dollars went so I plead the 5th" Corzine (D-NJ) and get off scott free. Oh wait….they made an offshore account in NJ for a drug dealer? Time to drag Chris Christie away from his altar of The Boss and get to work!

  8. She Taggart

    No wonder my payments were always so high, to pay for their drug deals..now I'm pissed. I think they owe me a refund by golly.

  9. John Allen Hough

    This bank HSBC caused me alot of GRIEF in 2008/2009..after making good on a late car payment PLUS $1,000 they still repo'd the car..then try to bill me and then sent me a a bill for storage at the Anaheim P.D and THEN in 2011 sent me a "lets make up letter' saying that if I agreed to settle the car note at the new financed rate and amount of 4500 they would clear it! Hah I SAID..i PAID YOU AND MADE UP FOR LATE PAYMENTS, YOU STILL REPO'D AND BLAH, BLAH BLAH! you wanted it you got it! I'm so glad that this scandal may ruin them..nothing like KARMA I say! hope this whole organization goes down in flames! thank you god!

  10. John Allen Hough

    hopefully JUSTICE will prevail!!..read some of the posts here including mine..HOPEFULLY there are refunds in our futures!!!

  11. John Allen Hough

    when they sing "god save the queen" they better include HSBC..i fear they are doomed (big grin on my face)!

  12. Anonymous

    I'm not surprised. I use to work for HSBC. I worked in the premier and private group for over 4 years. over that time, I saw colleagues and upper management allowing all types of shady people to open accounts as long as they brought a hefty amount of cash (500k minimum) without doing their due diligence. I brought it up, they gave me crap for it and I quit and went to another bank. Ultimately, a lot of those people got fired. Matthew Douglas, Orlando Gonzalez, I'm talking about you, you shady bastards.

  13. Anonymous

    btw, what else did you expect from a bank that made all their money in the early years by supplying the opium trade! Why do you think they have such a huge presence all over CHINA and HONG KONG!=).

  14. Anonymous

    To get an account at this bank, I was put through the ringer, I was insulted, bullied, mocked, etc. and never sent my ATM card. I've never seen such a shoddy bank in my life time, and now I know why….they didn't care about legal small depositors, they wanted all that big drug and gun running money. Why is HSBC in the US? They should be kicked out and closed down. I am soooo glad someone outted these sons of bitches.

  15. Anonymous

    Bill and HIllary Clinton received $3.5 million ampaign dollars from a Moslem bank that financed the Moslem terrorists in the Phillipines. Bill and HIllary Clinton receives millions of dollars in donations from a Moslem terrorist organization, the KLA with close links to Osama bin Laden to murder Christians in Kosovo, and supporting the Moslem Albanian terrorists who murdered and burned churches in Bosnia. The Clintons and the entire Democrat Party support and work for Moslem terrorists. Obama has appointed more than 1000 Moslems with ties to the violent Moslems Brotherhood, who now work INSIDE the White House. And you people re-elected Obama, the traitor, as president. When it all comes out, we can say…we told you so, and you didn't listen.

  16. Anonymous

    How does it make you feel knowing the Bill Clinton supported an islamic insurgency against Christians?

    1. Commander Kosovo- Abu Sayyaf al qaeda linked terrorist that recieved his nickname by fighting "the cause" in Kosovo with the KLA.

    2. Interpol testified before congress on the KLA-Bin laden links… "In 1998, the U.S. State Department listed the KLA as a terrorist organization, indicating that it was financing its operations with money from theinternational heroin trade and loans from Islamic countries and individuals, among them allegedly Usama bin Laden.

    Another link to bin Laden is the fact that the brother of a leader in an Egyptian Djihad organization and also a military commander of Usama bin Laden, was leading an elite KLA unit during the Kosovo conflict. In 1998, the KLA was described as a key player in the drugs for arms business in 1998, "helping to transport 2 billion USD worth of drugs annually into Western Europe"

    3. Wall Street Journal- ""For the past 10 years, the most senior leaders of al Qaeda have visited the Balkans, including bin Laden himself on three occasions between 1994 and 1996. The Egyptian surgeon turned terrorist leader Ayman Al-Zawahiri has operated terrorist training camps, weapons of mass destruction factories and money-laundering and drug-training networks throughout the Balkans."

  17. Anonymous

    NOW you know why the Clintons received millions in campaign donations from Moslem banks; why Hillary Clinton's first and most important aid is a woman Moslem with ties to Al Qaeda and the Moslem Brotherhood why Barry Hussein Obama has put 1000 Moslems into sensitive positions in the White House; Why Obama would not issue orders to save Americans during the Benghazi attack, and WHY Osama Obama issued executive orders for the US Space Program to provide military secrets to Moslems. And you stupid people voted for Obama. This country is screwed.

  18. Anonymous

    The Clintons and Obama have been receiving Moslem money for a long time from Moslem banks, the BCCI in particular with ties to Moslem terrorists in the Phillipines. An independent group of researchers in Arkansas charged that Governor Bill Clinton is covered up an airport covered up an airport in Mena, Arkansas that was used to send arms to the Marxist Sandinistas in Nicaragua and in returned the Clintons sold drugs from Cuba, and Columbia transhipped through Nicaragua to finance their political campaigns. There is more dirt that the Left Wing American media won't tell you about the Clintons and Obama that is endangering our country. And you voted for this scum.

  19. Harry Harris

    Its like WW2 all over again,when the Germans and everyone else were using the Swiss as a conduit to pay for arms,store money robbed from invaded countries and the people they murdered.
    Let's face it most business is done around the edge of the law since the law and commerce was invented but this 2012 not 1939