WAR: Saddam Hussein Finance Link with HSBC Bank, page 1
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Topic started on 8-10-2004 @ 07:58 AM by virtualmontana
Europe's largest bank by market worth and second largest bank in the world probes potential link to Saddam Hussein. A CIA Investigation of HSBC Bank
Jordan links final resting place of regime funds to a number of financial institutions inluding HSBC.
www.thisislondon.co.uk
'We are confident that we had the best practices in place to ensure that nothing illegal took place. But international finance is highly complex and sometimes things slip through. ' HSBC Spokesperson.
Please visit the link provided for the complete story.
Interesting to see that this news broke considering there does not seem to be a lot of foundation in the allegations. Large banks have considerable money laundering detection systems - also the article states other banks in Amman, Jordan were utilised so why is HSBC targeted.
It is interesting to see that with the volume of funds ploughed into Iraq from outward investment that the other side of the loop is still being investigated thoroughly. Accounts of known terrorist organisations are also subject to sanctions whereby banks can close down these facilities. Some further considerations;
Why are no other banks are mentioned as yet?
Is this an attempt to smear a large global player in the banking industry by a competitor?
Look forward to seeing the story develop...
[edit on 12-10-2004 by Banshee]
www.thisislondon.co.uk
'We are confident that we had the best practices in place to ensure that nothing illegal took place. But international finance is highly complex and sometimes things slip through. ' HSBC Spokesperson.
Please visit the link provided for the complete story.
Interesting to see that this news broke considering there does not seem to be a lot of foundation in the allegations. Large banks have considerable money laundering detection systems - also the article states other banks in Amman, Jordan were utilised so why is HSBC targeted.
It is interesting to see that with the volume of funds ploughed into Iraq from outward investment that the other side of the loop is still being investigated thoroughly. Accounts of known terrorist organisations are also subject to sanctions whereby banks can close down these facilities. Some further considerations;
Why are no other banks are mentioned as yet?
Is this an attempt to smear a large global player in the banking industry by a competitor?
Look forward to seeing the story develop...
[edit on 12-10-2004 by Banshee]
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