Transparency International calls on UK to prosecute HSBC

John Christensen

Published:

21 February 2015

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Financialisation ↘ Inequality and human rights ↘

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The leading anti-corruption group Transparency International has called on authorities in the United Kingdom to launch a criminal investigation into HSBC in light of recent accusations against the bank. According to TI:

HSBC’s private bank has been accused of facilitating money laundering and earned big 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”.

Its hard to argue with that. What’s stopping the UK authorities from taking immediate action?

The author

John Christensen

Trained as a forensic auditor and economist, John has worked in many countries around the world, including a period of working in offshore financial services with Touche Ross & Co. For 11 years he was economic adviser to the government of the British Channel Island of Jersey. In 2003 he became what the Guardian has described as “the unlikely figurehead of a worldwide campaign against tax avoidance.” His research on offshore finance has been widely published in books and academic journals, and John has taken part in many films, television documentaries and radio programmes. John can be contacted on +44 (0) 7979 868302.

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