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Bank charges: HSBC faces money laundering charges

HSBC is facing money laundering accusations after the Daily Telegraph published an expose on its Jersey accounts.

The arm of the global banking giant is typically used by wealthy expats looking to make the most of the low-tax channel island.

On Friday it was revealed, however, that many of its account holders are people who have low income jobs, while others are convicted criminals.

One account, which had £1.2 million deposited into it, is held by a man who lives a former council home in the neglected estate of Newport, South Wales.

Financial institutions are legally required to check the source the funds in their bank accounts and report any suspicious activity to authorities.

Catherine McKinnell, Labour's shadow exchequer to the Treasury said: "This case underlines why we need major culture change in our banks as well as a much tougher approach to tax avoidance and evasion."

She added that HM Revenue and Customs and the Financial Services Authority should act quickly and take any action required to get to the bottom of it, avoiding any bank charges.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801486246-ADNFCR



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