HSBC still laundering money for terrorist groups, says whistleblower Everett Stern

In Blog by Ian Fraser2 Comments

September 18th, 2013

In the video interview above, former HSBC anti-money laundering compliance officer, Everett Stern, frankly describes the criminal methods used by HSBC to launder money for terrorist groups including Hamas and Hezbollah as well as for drug cartels and other criminals. Although the bank paid a $1.9 billion penalty as part of a record-breaking money laundering settlement with the U.S. authorities in December 2012, Stern claims the London-headquartered bank is still laundering money with impunity and that the much vaunted “anti-money-laundering compliance team” it put in place to assuage US regulators as part of last year’s settlement is “a sham”. Stern, unfazed by HSBC’s legal bullying, adds that people started taking him more seriously after Matt Taibbi’s article on HSBC was published  in Rolling Stone in February 2013. In the article, Taibbi wrote:

Stern found himself in the middle of a perverse sort-of anti­compliance mechanism. HSBC had “complied” with the government’s Don’t Do It Again, Again order by hiring hundreds of bodies whom it turned into an army for whitewashing suspicious transactions.

Stern was interviewed by Luke Rudkowski of Change.Org at Occupy Wall Street, the protest movement which celebrated its second birthday yesterday. And Stern is in no mood to give up. Here is one of his recent tweets:

 

h/t Max Keiser