Posted on 08/04/2013 4:43:35 PM PDT by Whenifhow
HSBC bank has reportedly asked more than 40 diplomatic missions to close their accounts as part of a programme to reduce business risks.
The Vatican's ambassadorial office in Britain, the Apostolic Nunciature, is among those said to be affected.
The head of the UK's Consular Corps told the Mail on Sunday the decision has created "havoc". The Foreign Office has been in touch with HSBC, stepping in to help diplomats open other bank accounts.
HSBC said embassies were subject to the same assessments as its other business customers. They need to satisfy five criteria - international connectivity, economic development, profitability, cost efficiency and liquidity.
A spokesman said: "HSBC has been applying a rolling programme of "five filter" assessments to all its businesses since May 2011, and our services for embassies are no exception.
(Excerpt) Read more at bbc.co.uk ...
HSBC bank closing accounts for diplomats in Britain
LONDON (AFP) – Global banking giant HSBC is closing the accounts of foreign diplomats in Britain and giving them 60 days to move their money, a report said Sunday.
More than 40 embassies and consulates are said to have been affected, including the Vatican, with the decision being described as creating “havoc” in the diplomatic corps.
Is HSBC run by muzzies now?
Not sure how widely know it is but HSBC is a (drug) money laundering operation ( from what I understand).
Legislator to tea party: Get your guns ready for economic collapse
http://www.freerepublic.com/focus/f-news/3051109/posts
I think HSBC was originally charged with laundering drug money for the cartels ..... diplomatic accounts would necessarily fit well into the scheme.
From this article
http://www.thisismoney.co.uk/money/news/article-2384003/Consulates-Vatican-chaos-HSBC-tells-bank.html
One diplomatic source said he believed HSBC feared being exposed to embassies after it was fined $2billion (£1.32billion) by US authorities last year.
It was blamed for alleged money-laundering activities said to have been conducted through its Latin American operations by drug cartels. HSBC admitted at the time that it had failed to effectively counter money laundering.
Only 40?
I haven’t heard much about USA banks being forced to close suspected money laundering accounts here in the USA.
I wonder why not?
If you follow Martin Armstrong's writings, he often writes about the US government going after foreign banks for allowing US citizens a "tax haven". The US government is strong arming them so much that foreign banks are simply not dealing with Americans anymore.
Hey Havoc, here ya go!
“...HSBC losing the accounts of foreign diplomats in Britain and giving them 60 days to move their money, ... with the decision being described as creating “havoc” in the diplomatic corps.”
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What a bunch of wusses!! Being told to close your bank account and go to another bank SOMETIME IN THE NEXT 60 DAYS is creating “havoc” for them. Again, what a bunch of whining idiots.
...Whining idiots? These metrosexual weaklings are so weak and vulnerable that they probably are shaking in their booties and hugging each other. Who do you think comprise the “diplomatic corps”?
...Whining idiots? These metrosexual weaklings are so weak and vulnerable that they probably are shaking in their booties and hugging each other. Who do you think comprise the “diplomatic corps”?
HSBC failed to effectively counter money laundering??
It positively RAN to open suspicious accounts in multiple locations without any controls or oversight.
Of course, HSBC operates a bank in Macao that has accounts supposedly tied to North Korea ...
Read. Joseph. Farrell.
CA....
BS!
It was intentional.
I have a close acquaintance who works in the anti-money laundering dept of a bank and any *oversight* is intentional. They know what to look for.
ping
NEW YORK – A former employee of HSBC in New York has 1,000 pages of customer account records he claims are evidence of an international money-laundering scheme involving hundreds of billions of dollars by the global banking giant, which reportedly is under investigation by a US Senate committee.
John Cruz has delivered to WND customer account records he says he pulled from the HSBC computer system before he was fired. Cruz was terminated Feb. 17, 2010, after two years at HSBC for “poor performance,” but he contends he was let go because senior management didn’t want to him to pursue his personal investigation (Excerpt) Read more at wnd.com ...
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HSBC indirectly received $3.5 Billion of AIG bailout money
BLOG hsbcwatch.com
The US Govt bailout of AIG angered many. AIG tried to put a positive spin on post-bailout posh parties, bonuses, more bailouts and more losses.
So what is HSBC’s relationship to AIG? How much did HSBC receive from AIG? According to Business Week, HSBC received $3.5 Billion (USD) from AIG (reported in Business Week).HSBC USA is an AIG counter-party. While HSBC did not directly take bailout money AIG certainly did. Through insurance and reinsurance deals with AIG, HSBC USA profited nicely from the AIG bailout.
After one write-off, a second $3.5 Billion write off for HSBC would have hurt.....had AIG not received taxpayer bailouts. It would have been super-easy to launder some of the bailout $$$ for insiders.
Thanks for the info.
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