British bank HSBC one of the largest banks and money service organizations in the world is continuing to launder significant sums of money for terrorist groups, despite having paid a $1.9 billion penalty in 2012 over money laundering allegations involving Mexican drug dealers. So says a former Anti-Money Laundering Officer Everett Stern who says he unearthed evidence about continued money laundering by the bank.
Stern found a Saudi fruit company was sending millions to a high level figure in the Yemeni wing of the Muslim Brotherhood and that HSBC was letting millions to be transferred from the Karaiba Supermarkets in Africa to Tajco, a company which the US Treasury says are major financiers of the Lebanese Shiite Group Hezbollah. When the bank ignored his concerns, Sterns took the information to the FBI.
In July of last year, the Senate Permanent Subcommittee on investigations released a study showing that HSBC’s key U.S. affiliate HSBC Bank USA N.A. known as HBUS provided U.S. dollars and banking services to several banks in Saudi Arabia and Bangladesh with links to terrorist financing.
HSBC has 7,200 offices in more than 80 countries and profits last year exceeding $24 Billion. HSBC has 470 offices in the U.S> with more than 4 million customers.
Jeffrey Newman represents whistleblowers.