HSBC admits US senate allegations

DHAKA: HSBC admitted US senate’s allegation against the bank. As per a statement, the authority of the bank said that they are not refusing the allegation.

Moreover, the bank promises that it will never involve in such kind of wrongdoing.

But it did not make any comment about the allegation against Islami Bank Bangladesh Ltd and Social Islami Bank involvement in terrorist financing.

In the statement, HSBC Dhaka office said that we took the liability of the incident. Investigation team of HSBC is providing assistance to US authority to investigate into the allegation.

HSBC said that we have brought many changes in our higher management. New management has taken the duty. We hoped that we would operate our banking activities with abiding proper rules.

Earlier, a scathing US Senate report, issued on Monday, revealed that HSBC Bank USA supplied US dollars to Islami Bank Bangl adesh Ltd and Social Islami Bank, despite evidence of linking to terrorist financing.

A “pervasively polluted” culture at HSBC allowed the banks to act as financier to clients seeking to route shadowy funds from the world’s most dangerous and secretive corners, including Bangladesh, Mexico, Iran, the Cayman Islands, Saudi Arabia and Syria.

Each of these specific cases shows how a global bank can pressure its US affiliate to provide banks in countries at high risk of terrorist financing with access to US dollars and the US financial system.

The Senate report also claims significant sums of Mexican drug money almost certainly passed through HSBC.

It also alleges that suspicious funds from Syria, the Cayman Islands, Iran and Saudi Arabia also passed through the bank.

BDST: 1145 HRS, JULY 17, 2012
Edited by: Rubaiat Saky, Newsroom Editor