Banking on scams

governance
hsbc banking
Banking on scams
The reported money-laundering and terror financing operations run by HSBC bank pose a threat to the safety and integrity of not only the banking industry but to the security of the country itself
by Ajit Ujjainkar
Activists Arvind Kejriwal and Prashant Bhushan’s recent accusations charging the multinational bank HSBC  of alleged money laundering and running a huge hawala operation to launder thousands of crores of illicit money belonging to leading corporates only confirms that all is not well with surveillance mechanism of the fast-growing banking and financial services industry in India.
The much-guarded and highly cautious response of the bank and the Financial Intelligence Unit (FIU) of the Finance Ministry and the Reserve Bank of India’s (RBI) initiation of investigations into the working of HSBC only confirm its doubtful operations. This was done after a US Senate committee said that the bank’s Indian staff had allegedly mishandled checks to ensure the global banking giant was following norms that guard against money-laundering and terror-funding clearly indicates that there is deep malice in the way the bank operates in India and may pose a serious threat to the safety and integrity of not only the entire banking and financial services industry but the security of the country itself. READ MORE
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About gfilesmagazine

gfiles is the country's first independent magazine written, designed and produced for India's civil services—the vast and formidable network of bureaucracies and public sector organisations that provides continuity and stability to this nation's governance.
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