Friday, July 20, 2012

Will get to the bottom of HSBC issue, says Home Secretary

India will get to the bottom of alleged violation of safety compliance on money laundering and terrorist financing by HSBC staff in the country, a top Government official has said.

An investigation report of the US Senate Permanent Sub-committee has revealed that the banking major had failed to prevent money laundering by drug cartels and terrorist into US and other countries. It has been found that HSBC’s anti-money laundering compliance department, which included employees in India, was highly inadequately staffed.

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