By Cassandra Novick
Sen. Carl Levin (D-Mich.) comments Monday on the spectrum of issues facing HSBC and the regulation of their foreign affiliates. Levin cites multiple HSBC foreign affiliate employee emails as evidence of money laundering risks in Mexico, and of the circumvention of US safeguards to engage in transactions with sanctioned Iran. (1:28)
Levin explains, “Our report shows how two HSBC foreign affiliates actively circumvented US OFAC [Office of Foreign Asset Control) safeguards designed to block transactions involving terrorists, drug lords, and rouge regimes."