Drug dealers, gun runners and Britain's biggest bank


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Drug dealers, gun runners and Britain’s biggest bank

Drug dealers, gun runners and Britain’s biggest bank
HM Revenue and Customs has launched an investigation into HSBC, Britain’s biggest bank, after it opened offshore accounts in Jersey for serious criminals living in this country. The tax authorities have obtained details of every British client of HSBC in Jersey after a whistle-blower secretly provided a detailed list of names, addresses and account balances earlier this week.
The Daily Telegraph,  p. 1-4
Also appeared in : The Daily Telegraph,  p.5, The Times,  p.15
Mexican subsidiary investigated over moneylaundering claims
HSBC is facing serious accusations of money laundering in America with executives admitting earlier this week that criminal charges may be imminent. The bank, which has its headquarters in London, was investigated by the US Senate which claimed that its subsidiary in Mexico had allowed people to “shift potentially illicit sums” around the world. This week, HSBC announced it had set aside around $1.5billion (£938million) to cover fines from US authorities.
The Daily Telegraph,  p. 4
Whistle-blowers helping authorities chase tax evaders
Tax authorities around the world are involved in an increasingly aggressive and often clandestine race to gain information on the identities of those with offshore bank accounts. HM Revenue and Customs (HMRC) has paid hundreds of thousands of pounds to whistle-blowers in return for information about offshore account holders. German authorities reportedly paid €2.5million (£1.9million) to an unnamed individual for a CD containing details of HSBC clients in Switzerland in 2010.
The Daily Telegraph,  p. 4
Banking union threat Britain
Britain has told other EU countries that it will block a single eurozone banking supervisor unless there are more safeguards for those outside the system.
This abstract from the Financial Times was produced by Kantar Media
Financial Times,  p. 1
UBS’s German subsidiary is being investigated by the local authorities over allegations that it helped clients evade taxes, a spokesman for the prosecutor’s office in Mannheim said Thursday.
International Herald Tribune,  p. 22
Euro zone is poised for recovery, Draghi says
The president of the European Central Bank expressed satisfaction Thursday with progress toward resolution of the euro zone crisis, applauding ”amazing” efforts by members of the currency union to reduce government spending.
International Herald Tribune,  p. 19
Also appeared in : The Daily Telegraph Business,  p.4
Developer defies gloom to predict a bigger future
Forecasts of up to 13,000 jobs being shed by financial services firms in London next year should have made uncomfortable reading for Land Securities. Britain’s biggest property company has pinned its hopes on developing and letting large office schemes across the capital. The group is building the Walkie Talkie tower in the City with Canary Wharf Group and developing a further 1.6 million sq ft of space.
The Times,  p. 57
Smaller banks will have the edge on rest of sector
The Financial Times reports on submissions to the Banking Standards Commission complaining that medium-sized banks will have a competitive advantage unless they are included in plans to ringfence retail operations.
This abstract from the Financial Times was produced by Kantar Media
Financial Times,  p. 2
Cable backs bond plan to boost loans
Vince Cable says an agency for business lending is being planned which would package loans into various types of bonds, backed by a guarantee, which could bring a new source of money into the SME debt market.
The Daily Telegraph Business,  p. 8
Rates relief – for the few
More than a million mortgage applications, collectively worth £227 billion, have been rejected over the past five years, a study reveals. The news comes as the mortgage industry prepares for new rules, which are due to come into force in April 2014 under the Financial Services Authority’s (FSA) Mortgage Market Review. These requirements, designed to prevent a repeat of the irresponsible lending seen in the boom years, could make it even more difficult for buyers to get on to the property ladder.
The Times Bricks and Mortar,  p. 3
The above articles appeared on 09\11\12 reproduced with the kind permission of Kantar Media UK . All rights reserved.