Err, no

In the New York Times business section, we read that the HSBC banking group is being fined up to $1bn, for not preventing money-laundering (a highly profitable activity not to prevent) between 2004 and 2010 – a six years\’ long \”oops\”.

Not quite.

HSBC was fined for not filling out the paperwork to prove that there was no money laundering.

6 thoughts on “Err, no”

  1. These money laundering operations. Is this where governments, who are legally restrained from using taxpayer’s money to prop up failing currencies, wash the money through international institutions to do just that?
    Indeed! Something must be done!

  2. But that bit of simple ignorance is one of the least offensive sections of the article.

    God, what depressing reading. To think that there are millions out there who believe this and impressionable youth are being not just exposed to but force-fed this nonsense.

    Sighs. Time for another glass of wine, I think 🙂

  3. I have zero sympathy for any British bank that gets clobbered for money laundering. Whenever I have tried to open an account in the UK, I get some sanctimonious jobs worth making me jump through umpteen hoops, such as appearing in person with my passport, supposedly in order to prevent money laundering. When I ask for some leniency, i.e. by sending a notarized copy of my passport, I get pompous lectures about money laundering and how their bank must comply with government regulations. Meanwhile, Nigerians and Russians are seemingly free to embezzle their ill-gotten millions through these very same banks. In other words, the banks make a misery for normal people but turn a blind eye if the prize is big enough. So, zero sympathy.

  4. Most serious (i.e. ill-gotten millions) Nigerian and Russian crooks have perfectly valid passports. Often several of them. In different names.

    Nobody said the damn regulations were sensible.

  5. I’m sure I read when they were introduced that the EU (of course!) regulations behind the anti-money-laundering know-your-customer nonsense were based on the Italian anti-Mafia regulations which, as we all know, were amazingly effective.

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