The Tribune, Chandigarh, India - Business

The Red Queen ("...off with their heads!" - from Alice in Wonderland, Lewis Carroll - a primer on Freemasonry to propagandize children away from Our Lord Jesus Christ to the Devil) - The Red Queen of England, Royal head over London's MI5/6 is the figurehead of London and Europe's Freemasonic subversive Intelligence and New World Order Terrorism and Transnational Drug Crime Cartel Banking.

Related: Palestine Cry: Europa & Palestine News « Kawther Salam: Liechtenstein: Alpine Principality Without Mercy

London controls the dollar - not the United States.

Erno Goldfinger in front of his house in London, England

Hungarian Jew Ernő Goldfinger (real life Communist subversive who lived in London, England and was the real life basis for Ian Fleming's James Bond character Goldfinger) who died on November 15, 1987, was born on September 11, 1902 - 99 years before the infamous 911. This is an example of Zio-Communist/Freemasonic Cryptographic numerology in the mix of subversion and terrorism. Blend real with fantasy and thread it through with terror to control the "masses." The idea in Fleming's novel and movie of Communist Russian stealing of Gold from Fort Knox is the reality/fantasy mirror of Freemasonry for the actual plot of the London Bankster-Gangsters to take all of the United States Gold Reserve via the Federal Reserve and New York City Federal Reserve Gold hoarding stockpile. That was the last of the Fort Knox gold in any real quantity, which was culminated and accomplished by 911, September 11, 2001. The gold went to London shortly before the Twin Towers and, in this aspect most importantly, WTC7 were demolitioned.

HSBC Gold hoarding stockpile.

The Tribune, Chandigarh, India - Business

HSBC - view from the Paseo de la Reforma, Angel de Libertad

(HSBC building in background center left - only the foot of the Angel is shown, to the right - it is immense - the little statue visible is not the Angel de Libertad itself but a secondary statue. The Paseo is not seen but is the immense boulevard in the Center of Cuidad de Mexico D.F. [Mexico City, Mexico]. The Paseo surrounds the entire Angel which is on an island in the middle of the boulevard.)

Residents sit by the Angel of Independence monument near HSBC’s headquarters in Mexico City on Tuesday. Mexico's banking regulator said HSBC Holdings Plc was guilty of "administrative errors" in allowing illicit funding to move to its US operations but stopped short of saying the British-based bank had committed a crime. — Reuters


Mexico has a huge amount to cover up for itself and the USA - La Compania (the company - the CIA) owns most of Mexico and Latin America and runs the drugs through there from California based CIA sponsored drug gangs.

So Al-CIAeda works for the CIA and Mossad and they work for MI5/6 and HSBC pulls all the unlawful purse strings for it all. London is the home to terrorism - they manage it and fund it - all of it!

The Tribune, Chandigarh, India - Business

HSBC probe: Bank’s India staff under scanner 

HSBC Bank USA president & CEO Irene Dorner (L) and HSBC Holdings chief legal officer Stuart Levey testify before the Senate Homeland Security & Governmental Affairs Committee in Washington on July 17. — Reuters

Washington, D.C., July 18

Global banking giant HSBC’s staff in India have come under the scanner for deficiencies in their role as "offshore reviewers" of the global banking giant's compliance to safety mechanism against money laundering and terrorist financing.




A probe by the US Senate's Permanent Subcommittee on Investigations found that HSBC's Anti-Money Laundering (AML) Compliance Department, which included employees in India, was highly inadequately staffed.


Besides, deficiencies were found in the quality of the work done by HSBC's "offshore reviewers in India", who were used for clearing a major backlog of suspected transaction alerts at the bank.
More than one-third of the alerts already resolved by the Indian reviewers and others "had to be re-done" after an independent assessment by the OCC (the US Office of the Comptroller of the Currency, which is the bank's primary federal regulator in the country). The probe further found that an OCC visit to India in 2007 had revealed "Weak Monitoring Procedures" in the bank's internal control systems.


At a hearing before the Senate Subcommittee on the matter here yesterday, HSBC apologized for its mistakes and gave its "absolute commitment" to fix the problems.
The 340-page investigation report, which was released yesterday, found HSBC to have used its US bank (HSBC US Bank or HBUS) as a gateway into the US financial system to provide US dollar services to clients while "playing fast and loose with US banking rules," Senator Carl Levin, the chairman of the subcommittee, said.


The investigations found that HSBC, with its headquarters in London, allowed affiliates in countries such as Mexico, Saudi Arabia and Bangladesh to move billions of dollars in suspect funds into the US without adequate controls.


Besides, HSBC in 2009 authorized its affiliate to supply Indian rupees to Saudi Arabia's Al Rajhi Bank, which, the report said, has links to financing terrorism.


The report also said that Al Rajhi Bank handled IIRO's (International Islamic Relief Organisation) "charitable contributions intended to benefit suicide bombers by directing Al Igatha Journal advertisements ... In Somalia, Sri Lanka, India, and the Philippines."


It cited a lawsuit to say that charitable organisations such as the IIRO use banks like Al Rajhi Bank to "gather donations that fund terrorism and terrorist activities" under the guise of IIRO funds labeled and designated for purposes such as 'war and disaster' or 'sponsor a child'.


IIRO is a Saudi-based nonprofit organization that was added to the SDN list by the United States for "facilitating fund raising for Al Qaida and affiliated terrorist groups," the report said, while adding that HSBC's internal Financial Intelligence Group (FIG) itself had raised questions about IIRO in 2003.


The SDN (Specially Designated Nationals) List, published by the US government, names individuals and entities with whom US citizens are prohibited from doing business.


Again in 2006, an FIG report noted that "the IIRO had been linked to Al Qaeda and other terrorist groups. — Reuters

HSBC exposed US and possibly India to terror funding: Senate Permanent Subcommittee - Economic Times

HSBC exposed US and possibly India to terror funding: Senate Permanent Subcommittee - Economic Times

HSBC exposed US and possibly India to terror funding: Senate Permanent Subcommittee

PTI Jul 18, 2012, 12.01AM IST

Tags:

• US|
• terror funding|
• money laundering|
• India|
• HSBC|
• HBUS

• 

WASHINGTON: Global banking giant HSBC failed in preventing money laundering by drug cartels and terrorists not only in the US, but also other parts of the world, possibly including India, a Senate Permanent Subcommittee on Investigations probe has found.

"HSBC used its US bank as a gateway into the US financial system for some HSBC affiliates around the world to provide US dollar services to clients while playing fast and loose with US banking rules," Senator Carl Levin, the Chairman of the subcommittee, said following the release of the investigation report in this regard.

According to the report, the Mexican affiliate of HSBC transported USD 7 billion in physical US dollars to HSB-US from 2007 to 2008, outstripping other Mexican banks, even one twice its size, raising red flags that the volume of dollars included proceeds from illegal drug sales in the US.

The investigations found that HSBC, with its headquarters in London, allowed affiliates in countries such as Mexico, Saudi Arabia and Bangladesh to move billions of dollars in suspect funds into the US without adequate controls.

According to the report running into 340 pages, HSBC in 2009 authorised its affiliate to supply Indian rupees to Saudi Arabia's Al Rajhi Bank, which, the report said, has links to financing terrorism.

"From 2007 to 2010, HBUS (HSBC-USA) continued to supply, through its London branch, hundreds of millions of US dollars to Al Rajhi Bank in Saudi Arabia.

"In addition, at Al Rajhi Bank's request, HBUS expanded the relationship in January 2009, by authorising its Hong Kong branch to supply Al Rajhi Bank with non-US currencies, including the Thai bat, Indian rupee, and Hong Kong dollar," the report said.

However, no further details about the Indian rupees are available in the report.

According to the report, in 2010 HSBC launched a new funds transfer product called 'HBL Fast Cash', which was designed to allow the instant transfer of funds from Riyadh, Saudi Arabia, to any branch of the Habib Bank, the largest bank in Pakistan, whether or not the sender or recipient of the funds had an account in either financial institution.

In a statement, Levin alleged that due to poor anti-money laundering controls, HSBC-US exposed the US to Mexican drug money, suspicious travelers cheques, bearer share corporations, and rogue jurisdictions.

"The bank's federal bank regulator, the OCC, tolerated HSBC's weak AML system for years. If an international bank won't police its own affiliates to stop illicit money, the regulatory agencies should consider whether to revoke the charter of the US bank being used to aid and abet that illicit money," he said.

Officials of HSBC and officials of the US Department of Treasury and Department of Homeland Security are scheduled to testify before the committee later in the day.

The Subcommittee investigation focused on HSBC's key US affiliate, HSBC Bank USA, N.A., known as HBUS, which functions as the US nexus for HSBC's worldwide network.

HSBC has 7,200 offices in more than 80 countries. HBUS has 470 branches across the US with 4 million customers.

HBUS provides accounts to 1,200 other banks, including more than 80 HSBC affiliates.

Called correspondent banking, HBUS provides these banks with US dollar services, including services to move funds, exchange currencies, cash monetary instruments, and carry out other financial transactions.

Correspondent banking can become a major conduit for illicit money flows unless US laws to prevent money laundering are followed.

Reacting to the report from the Senate Sub-Committee, HSBC said in a statement that it would apologise for failing to meet regulatory and customer standards in the past.

The bank said it recognises that its "controls could and should have been stronger and more effective in order to spot and deal with unacceptable behavior."

For decades, HSBC has been one of the most active global banks in the Middle East, Asia, and Africa, despite being aware of the terrorist financing risks in those regions, the panel report said.

"After the 9/11 terrorist attack in 2001, evidence began to emerge that Al Rajhi Bank and some of its owners had links to financing organisations associated with terrorism, including evidence that the bank's key founder was an early financial benefactor of al Qaeda.

"In 2005, HSBC announced internally that its affiliates should sever ties with Al Rajhi Bank, but then reversed itself four months later, leaving the decision up to each affiliate. HSBC Middle East, among other HSBC affiliates, continued to do business with the bank," it added.

The report also said that HSBC sent nearly 25,000 transactions involving USD 19.4 billion through their HBUS accounts over seven years without disclosing the transactions' links to Iran.

In less than four years, HSBC cleared USD 290 million in suspicious US travellers cheques for a Japanese bank, benefiting Russians who claimed to be in used car business.

'HSBC exposed US, possibly India to terror funds' - Hindustan Times

'HSBC exposed US, possibly India to terror funds' - Hindustan Times

'HSBC exposed US, possibly India to terror funds'

HT Correspondent, Hindustan Times

Washington, July 18, 2012
Global banking giant HSBC has been found to have exposed the US financial system and some other countries - possibly including India - to terrorist financing and drug trafficking because of poor anti-money laundering controls.

The British bank through its Hong Kong affiliate allowed a tainted Saudi bank to withdraw money in Indian rupees, among other currencies, though the reason for it was not specified.

The Al Rajhi Bank is Saudi Arabia's largest private financial institution.

"After the 9/11 terrorist attack, evidence began to emerge that Al Rajhi Bank and some of its owners had links to financing organisations associated with terrorism," said a report of the senate's permanent subcommittee on investigations released on Monday.

Subcommittee chairman senator Carl Levin said HSBC used its US bank to provide "US dollar services to clients while playing fast and loose with US banking rules".

In a statement to British regulators, the bank said, "We will apologise, acknowledge these mistakes, answer for our actions and give our absolute commitment to fixing what went wrong."

David Bagley, a top compliance executive at the bank since 2002, told the senate panel on Tuesday that he would step down.

Senate investigators focussed on HSBC's key US affiliate, HSBC Bank USA, known as HBUS. HSBC has 7,200 offices in more than 80 countries, including India.

There was no response to an email sent to Al Rajhi Bank till the filing of this report.