Page 34 - HSBC (D) Case Study

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.