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U.S. Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing: HSBC Case History
Senate Committee on Homeland Security and Governmental Affairs Permanent Subcommittee on Investigations
Senate Committee on Homeland Security and Governmental Affairs
Permanent Subcommittee on Investigations
Abstract
The Permanent Subcommittee on Investigations of the Senate Committee on Homeland Security and Governmental Affairs examined the the anti-money laundering and terrorist financing vulnerabilities created when a global bank uses its U.S. affiliate to provide system access and services to high risk affiliates, banks, and clients. The report found U.S. financial institutions had become conduits for the concealment, transfer, and spending of suspicious funds. The report provides recommendations on how to strengthen AML controls in order to combat money laundering, drug trafficking, and terrorist financing in the U.S.
Date
2012-07-17
Document Type
Senate Bipartisan Staff Report
Serial Number
Document Length
406 pages
Congress
112
Relation
DOI
Keywords
Staff Reports, Bipartisan
PAP Major Code
18: Foreign Trade
PAP Minor Code
1804: International Private Business Investments