To examine the current money laundering and terrorist financing threats associated with correspondent banking, the Subcommittee selected HSBC as a case study. HSBC is one of the largest financial institutions in the world, with over $2.5 trillion in assets, 89 million customers, 300,000 employees, and 2011 profits of nearly $22 billion. HSBC, whose initials originally stood for Hong Kong Shanghai Banking Corporation, now has operations in over 80 countries, with hundreds of affiliates spanning the globe. Its parent corporation, HSBC Holdings plc, called “HSBC Group,” is headquartered in London, and its Chief Executive Officer is located in Hong Kong.
A list of 2,059 names of Greek citizens that have Swiss bank accounts with HSBC. The list was originally published by a Greek magazine called Hot Doc on October 27, 2012 resulting in the arrest of its editor Kostas Vaxevanis for “breach of privacy”.
Libyan Investment Authority Management Information Report documenting the Qaddaffi regime’s foreign investments as of June 2010.