The anti-corruption pressure group Transparency International has called on UK authorities to begin a criminal investigation into HSBC in light of recent accusations against the bank. HSBC’s private bank has been accused of facilitating money laundering and earned profits handling secret accounts for arms dealers, dictators and blood diamond traffickers, according to material released by the International Consortium of Investigative Journalists.
José Ugaz, chair of Transparency International, said: “Multiple news outlets have shown how HSBC went out of its way to maintain bank accounts for well-known criminals and other corrupt people. The Swiss have acted on the available evidence: we do not see any reason why a criminal investigation should not also be immediately initiated by UK authorities.”
In recent years, in a number of cases relating to money laundering and tax evasion, criminal investigations into HSBC have been initiated by Argentine, Brazilian, Swiss and United States authorities. However, TI adds, there has been no such investigation in the UK, where HSBC is based and is the country’s biggest bank as measured by assets. Transparency International urges cooperation between the Swiss and UK authorities.
TI adds that HSBC has made progress in its anti-corruption procedures in the past two years. Transparency International says that the HSBC affair is the latest in a long line of banking scandals, most of which have resulted in penalties that have not demonstrably changed behaviour or culture. The recent ruling to imprison bankers in Iceland resulting from the 2008 financial crisis has been a rare example of individuals being held responsible, the campaign group adds. TI says it is imperative a strong message be sent that corruption is unacceptable in the banking sector and the string of scandals must be stopped.
