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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Yeung loses bid to stop HK trial

Category : Business

Birmingham City football club owner Carson Yeung fails in his final attempt to have a Hong Kong trial accusing him of money-laundering thrown out.

See the article here: Yeung loses bid to stop HK trial

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The extraordinary range of people using offshore hideaways

Category : Business

Records represent the biggest stockpile of inside information about the offshore system ever obtained by a media organisation

The secret records obtained by ICIJ lay bare an extraordinary range of people using offshore hideaways.

They include US dentists and middle-class Greek villagers as well

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HSBC in new money laundering claims

Category : Business, World News

Banking giant HSBC, which was hit with a US fine for money laundering last year, is facing fresh accusations of illegal activity in Argentina.

Read the rest here: HSBC in new money laundering claims

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Warning about student ‘money mules’

Category : Business

Fraud experts are warning that hundreds of thousands of people are in danger of being duped into laundering money for fraudsters.

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Italy halts Vatican card payments

Category : World News

Italy’s central bank suspends bank card payments in the Vatican, saying it has not fully implemented anti-laundering legislation, media say.

Excerpt from: Italy halts Vatican card payments

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HSBC ‘to pay $1.9bn’ in US deal

Category : Business

HSBC will pay US authorities $1.9bn (£1.2bn) in a settlement over a money-laundering probe, say reports, the largest amount ever in such a case.

See more here: HSBC ‘to pay $1.9bn’ in US deal

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AUDIO: Peston: HSBC suffering severe reputational damage

Category : Business

HSBC bank says it is looking into allegations that criminals have used offshore accounts at its Jersey operation for money laundering.

Read more here: AUDIO: Peston: HSBC suffering severe reputational damage

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VIDEO: ‘Criminal’ accounts probed by HSBC

Category : Business, World News

HSBC bank says it is looking into allegations that criminals have used offshore accounts at its Jersey operation for money laundering.

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HSBC to probe ‘criminal’ accounts

Category : Business, World News

HSBC bank says it is looking into allegations that criminals have used offshore accounts at its Jersey operation for money laundering.

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HSBC needs to tell all on money laundering | Nils Pratley

Category : Business

Some individuals have left – but HSBC won’t say how many; bonuses have been clawed back – but it won’t provide details

There goes another $800m (£500m). HSBC’s latest provision to settle money-laundering allegations takes the total to $1.5bn but there is still no end in sight. Chief executive Stuart Gulliver has warned that the eventual fines could be “higher, perhaps significantly higher.” A serious hit is coming.

There are good reasons for Gulliver to be fearful. First, he can’t be confident that HSBC’s pleas of contrition will yield any benefit. As he says, the various US authorities have “substantial discretion in deciding exactly how to resolve this matter”. What’s more, the bank could face corporate criminal charges.

Second, Standard Chartered forked out $340m for offences, relating to the reporting of Iran-related transactions, that look puny compared to what went on at HSBC. The Standard settlement was widely regarded as a shake-down led by a new-ish New York regulator trying to make a name for itself. But if $340m is the going rate for minor infringements in the US, what’s the score for an HSBC-style real deal? Five times as much, which is roughly where the provisions stand now? Ten times? More?

When a final tally is established we may reflect on what a soft ride the officer class at HSBC has received for this disgraceful chapter in the bank’s history. Remember the seriousness of the allegation: a Senate committee said HSBC “exposed the US financial system to a wide array of money laundering, drug trafficking, and terrorist financing risks due to poor anti-money laundering controls”. And remember that the period in question is more than half a decade – from 2004 to 2010.

Some individuals have left the bank as a result, says Gulliver, but he won’t say how many. Some bonuses have been clawed back but, again, he won’t provide details. Such shyness hardly meets the test of accountability that shareholders, who ultimately pay these fines, would expect.

For example, has Lord Green – chief executive from 2003 to 2006, then executive chairman to 2010 and now a government trade minister – been caught by the claw-back principle? Or is this a case of a bank admitting that mistakes were made but simultaneously maintaining that nobody in the boardroom could have been expected to do anything differently?

Gulliver’s efforts to improve HSBC’s culture appear sincere and forceful. But they would be improved by a fuller account of how the Mexican operation, in particular, fell so short of acceptable standards. Negotiations with US authorities currently make that demand difficult to meet. But when a settlement is finally reached, the bank should tell all. Sparing the blushes of former bosses shouldn’t enter the equation. A £1bn bill for bad behaviour deserves a fuller explanation than anything HSBC has offered to date.