Banks and Money Laundering.
HSBC (Hong Kong Shanghai Banking Co.) is a British multi-national bank based at London with
scores of its branch offices in 84 countries is known for banking and financial
services. In India HSBC has 88 branch
offices. HSBC has average annual profit
of US $ 20 billion a year. Much of our
black money is said dealt with by this bank.
This Bank recently compromised with USA and agreed to pay up
US $ 1.921 billion to avoid a legal battle to settle money laundering probe and
avoid prosecution. The said bank was
involved in transferring funds from USA to Mexico drugs cartels on behalf of
Iran, Cuba Libya Mexico Burma Sudan.
The Standard Charter Bank of England paid to USA $ 667 million for such transactions to above nations.
The ING Bank paid to USA $ 619 million for such transactions to above nations.
The Credit Suisse Bank paid to USA $ 536 million for such transactions to above nations.
The RBS ABN Amro Bank paid to USA $ 500 million for transactions to Iran Libya.
The Lloyds Bank paid to USA $ 350 million for transactions to Iran and Sudan.
The Barklays Bank paid to USA $ 298 million for such transactions to Cuba Iran Burma Sudan.
The Indian Government in this aspect needs urgent reforms. India is a signatory to Basel III accord and should implement the safeguards as provided for in the said accord.
USA laws can recover US $ 4.831 billion in no time.
In India such banks
do not provide information to Government of such transactions.
No comments:
Post a Comment