Consulates And The Vatican In Chaos As HSBC Tells Them To Find Another Bank – 4 August 2013

Flag_of_the_Vatican_City.svgHavoc: HSBC’s decision to sack embassies as customers has caused chaos also because other banks refused to take their business

One diplomatic source said he believed HSBC feared being exposed to embassies after it was fined $2billion (£1.32billion) by US authorities last year.

It was blamed for alleged money-laundering activities said to have been conducted through its Latin American operations by drug cartels. HSBC admitted at the time that it had failed to effectively counter money laundering.

Read more: www.thisismoney.co.uk / link to original article

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