The list of Indian black money submitted to the Supreme Court (of 627 names) apparently is of account holders of the HSBC . That calls for some reflection on corporate and transnational ambiguity.
It is interesting to note that HSBC (Mexico related) reportedly was involved in ignoring possible money laundering transactions pertaining to non monitored wire transfers and foreign currency. It also violated sanctions against governments of Iran, Libya, Sudan, Cuba. HSBC paid up nearly $1.9 billion in 2013 towards these charges in a compromise deal with the investigators.
Where are the Basel Committee's (BIS) KYC norms? Where are the corporate governance norms so much preached about? If you are a transnational bank and you publicize corporate social responsibility, does it give you a right to abet crime?
Regulators in the West indeed seem to be soft on these banks. When corrupt regimes of emerging economies join powerful and deceitful bankers, truth is smothered!!!
It is interesting to note that HSBC (Mexico related) reportedly was involved in ignoring possible money laundering transactions pertaining to non monitored wire transfers and foreign currency. It also violated sanctions against governments of Iran, Libya, Sudan, Cuba. HSBC paid up nearly $1.9 billion in 2013 towards these charges in a compromise deal with the investigators.
Where are the Basel Committee's (BIS) KYC norms? Where are the corporate governance norms so much preached about? If you are a transnational bank and you publicize corporate social responsibility, does it give you a right to abet crime?
Regulators in the West indeed seem to be soft on these banks. When corrupt regimes of emerging economies join powerful and deceitful bankers, truth is smothered!!!
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