“The vast majority of the Iranian transactions, ranging from 75-90% over the years, were sent through HBUS [HSBC’s U.S. operation] and other U.S. dollar accounts without disclosing any connection to Iran.”-Department of Homeland Security report to U.S. Senate

17 July 2012, testimony in front of a U.S. Senate panel, by Homeland Security officials, revealed that HBUS (the U.S. division of United Kingdom’s HSBC) “concealed Iranian transactions” between 2001 and 2007 (gee that’s during the Bush Jr administration!).

$19.4 billion USD are involved in the “u-turn” transactions (a type of money laundering by Too Big to Fail banks): “From at least 2001 to 2007, two HSBC affiliates, HSBC Europe (HBEU) and later HSBC Middle East (HBME), repeatedly conducted U-turn transactions involving Iran through HBUS, many of which were not disclosed to the bank, even though they knew HBUS required full transparency to process U-turns.”-report to U.S. Senate

U.S. Senator, Carl Levin, said “HSBC’s chief compliance officer and other senior executive in London knew what was going on, but allowed the deceptive conduct to continue.”

Levin also pointed out that the U.S. Department of the Treasury, under George W. Bush, did nothing to stop HSBC.

This is the latest accusation against HSBC. The Too Big to Fail bank has also been accused of helping Mexican drug lords and Saudi Arabian terrorists, among other crimes.  Read about it in the 335 page report at www.hsgac.senate.gov/reports