HSBC launders billions for global terrorists and cartels, according to Majority Report.
British lawmakers plan to call up the bosses of HSBC and the tax authority, HMRC, to ask them about allegations that some clients of HSBC’s Swiss private bank evaded tax, according to Reuters.
HSBC Chairman Douglas Flint and HMRC Chief Executive Lin Homer are expected to appear on Feb. 25 before the Treasury Committee of lawmakers, who watch over the financial industry.
According to Reuters, HSBC admitted failings in compliance and controls in its Swiss private bank after media reports alleged it helped wealthy customers conceal millions of dollars of assets in a period up to 2007.
Majority Report