How Canadian and US immigrants from China & Hong Kong move billions of dollars overseas

Tweet Bloomberg News has a follow-up article here on last week’s story of how wealthy immigrants from China and Hong Kong use alleged money-laundering services offered by the Bank of China Ltd. to transfer funds to Canada and the US. Last week, China Central Television broadcast a story alleging that the Bank of China offered a money […]

HSBC accused of lax anti-money laundering compliance

Tweet HSBC investigation The U.S. Permanent Senate Subcommittee on Investigations has found that HSBC Holdings PLC allowed drug traffickers, terrorists and rogue states to launder billions of dollars in the U.S. as a result of poor anti-money laundering (“AML“) and counter terrorist financing (“CTF“) controls. The Subcommittee found that HSBC serviced high-risk clients in drug-trafficking […]