Page 168 - Bank Case Studies

2010: In France, then finance minister Christine Lagarde, the

current head of the IMF who was France’s finance

minister at the time, prepares a list of names for other
countries of people mentioned in the data taken by Mr

Falciani. The so-called “Lagarde list” results in arrests in

Greece, Spain, the US, Argentina and Belgium. In the UK,
HMRC, the tax agency, identifies more than 1,000 tax

evaders from the list. More than £135m is recovered in
repayments but only one person prosecuted. No legal

action was taken against HSBC.

2010 Feb: US Senate investigators criticise HSBC for providing Banco
Africano de Investimentos, an Angolan private bank,

“ready access” to the US financial system despite the

African lender’s allegedly poor anti-money laundering
controls.

Separately, the US Office of the Comptroller of the

Currency, a regulator, “identified deficiencies” in the
HSBC’s anti-money laundering practices and among other

requirements, ordered the bank to hire a permanent

regional compliance officer and submit full compliance
plans in policing improper money flows.

2010 Geoghegan announced he would step down as chief
executive of HSBC.

2010 Sep: UK Government appoints Stephen Green as trade

minister. He joins the house of Lords as Lord Green of
Hurstpierpoint, takes up the post of minister of state for

trade and investment, in January 2011.

HSBC is faces allegations that it helped the diamond
dealers of Antwerp to avoid paying taxes.