Wall Street’s take on ethics and the downfall of PFGBest dominated financial news this week, while the CFTC finally approved rules for derivatives trading and HSBC admitted that for years it had done next to nothing to prevent money laundering.
July 13, 2012
3. It Takes Time
The real issue here is that the U.S. agencies have cited HSBC several times for being deficient at money-laundering practices as long ago as 2003. Nine years later, the situation is apparently not yet under control.
—Jim Antos, a Hong Kong-based analyst at Mizuho, after HSBC chief executive Stuart Gulliver admitted to failing to have anti-money laundering controls in place between 2004 and 2010.
Source: Bloomberg Businessweek
