Nov 12 2012

The (latest) HSBC scandal: the response from tax haven Jersey

Posted by: Nicholas Shaxson in: Thoughts

Goes something like this, via the Jersey Financial Services Commission:

“The Commission is unable to discuss individual licence holder matters but any concerns regarding the use of the banking system in Jersey involving money of criminal origin and failures to follow Jersey’s well known and clearly documented reporting obligations will be robustly investigated with any necessary follow up action taken in consequence, as long as the media publishes the information first. If we think we can get away with it, though, we will not pursue our investigations with quite such enthusiasm.

(Well, take a look at the original.) If you haven’t read the Telegraph’s HSBC story yet, it’s a good one.  See also their follow ups on drugs money, the weapons stash, the Mexican money laundering, and HSBC’s slightly anxious response.

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