You are here

HSBC Allegedly Financed al-Qaeda, Made Billions on Illegal US Drug Sales: Report

HSBC Allegedly Financed al-Qaeda, Made Billions on Illegal US Drug Sales: Report 17 Jul 2012 ...The result of the Senate's work, a nearly 400-page report, describes in exhaustive detail how HSBC Holdings Plc. executives repeatedly ignored warning signs from their own compliance officers, and from outside regulators, all of whom watched what they believed to be billions of dollars in suspicious transactions passing through the bank without adequate scrutiny. The report describes how HSBC's Mexican affiliate moved $7 billion in physical U.S. dollars through the bank in a two-year stretch, "raising red flags that the volume of dollars included proceeds from illegal drug sales in the United States." It lays out how HSBC's executives ignored warnings that it was providing currency to a Saudi bank alleged by some U.S. officials to be involved in financing al-Qaeda al-CIAduh.