HSBC has been caught in another huge money laundering scam, involving hundreds of millions of US dollars run and Russian oligarchs.
According to documents obtained by the Organized Crime and Corruption Reporting Project, $20 billion was moved out of Russia between 2010 and 2014 in an operation called “The Global Laundromat”.
At the same time, HSBC CEO Stuart Gulliver also faces a probe from tax officials in the U.K. who are investigating whether he illegally evaded taxes by claiming residence abroad.
Over that period, Bank of China – one of the biggest state-owned commercial banks in China – processed a total of US$716 million of the Laundromat cash via branches in mainland China, Hong Kong and Macau, making it the fourth most active bank in the plot, as shown by the documents.
Several other Chinese banks, including China Constriction Bank Corporation, Industrial and Commercial Bank of China (ICBC), Bank of Communication…
View original post 440 more words