HSBC financial crime committee to include former UK tax chief
31 Jan 2013
As part of a crackdown on financial crime following its $1.9-billion (£1.2 billion) money laundering settlement, banking giant HSBC has appointed a team which includes a former UK tax chief.
Former permanent secretary for tax at HM Revenue & Customs, Dave Harnett and Bill Hughes, the former head of the Serious Organised Crime Agency, along with others would lead a new financial crime committee, reporting directly to the board.
Former US deputy attorney general Jim Comey has also been hired by HSBC as one of the three non-executives who would sit on the committee.
The move comes after HSBC's record settlement with US regulators last month over accusations of the bank letting rogue states and drug cartels launder billions of pounds through its US arm.
The bank was ordered by the Financial Services Authority (FSA) to establish a committee and independent monitor for oversight of anti-money laundering activities after the alleged breaches.
The lender was accused by the US senate of ignoring warnings and breaching safeguards that should have stopped the laundering of money from Mexico, Iran and Syria - which led to the resignation of head of compliance David Bagley.
