HSBC dossier handed to regulator

Thursday 26 February 2015

The financial services regulator is considering a 12,000 page report into alleged money laundering breaches that have been the subject of a US Senate investigation into HSBC Middle East in Jersey.

Chief Minister Ian Gorst has confirmed that the dossier – the result of two years of work – was handed to the Jersey Financial Services Commission on 19 December.

In answer to a written question from Deputy Geoff Southern tabled in the States on Tuesday, Senator Ian Gorst said that the report is being considered in detail and that HSBC Middle East has co-operated with the two-year review.

In his response, he wrote: “I am informed by the Jersey Financial Services Commission that the scale of the two year review undertaken by the reporting professional has been significant and resulted in the delivery to the Commission on the 19 December 2014 of a 12,000-page report which is being reviewed and considered in detail.

“Clarification of points made in the report are currently being pursued. HBME has cooperated with the review and has devoted extensive resources to assist the reporting professional and the bank has consistently demonstrated a commitment to strengthen their AML defences wherever necessary.

“Any remediation plan will be monitored by the Commission.”