HSBC Investigates Offshore Money Laundering

HSBC Investigates Offshore Money Laundering.

Given that HSBC has been the centre of attention for failures in Money Laundering in the US and facing fines of up to $2bn, it has confirmed that it is now the subject of an investigation by HMRC into its Jersey banking operations.

HSBC is of course going to fully co-operate as you would expect and it is likely that information sharing laws will mean that every single British Bank account holder in HSBC Jersey will have their details supplied to HMRC.
HSBC has confirmed that it is investigating itself already possible criminal actions with regard to banking operations in Jersey.

Our View
HSBC are a respected bank and no doubt they are keen to ensure there is not a failure in their systems and controls.  
All financial companies have a legal duty to verify the source of money deposited in their accounts.  The problem is that criminals are becoming increasingly clever at hiding the source and laundering their money.