Giles Cadman

by Giles Cadman Fine Art attracts vast amounts of money, and because it is portable and relatively easy to sell, it has become a vehicle for money launderers. The New York Times has a fascinating story about how art is being used to transfer illegally gained wealth around the world. According to the air bill […]

by Giles Cadman HBSC was fined $1.9B for money laundering in the US, and is now facing allegations of money laundering in Argentina. Argentina has alleged that the bank used “fake receipts” to facilitate money laundering and tax evasion, and launder 392m pesos ($77m; £50m). The country’s tax authority said it had filed criminal charges […]

by Giles Cadman One of the most surprising parts of the Cypriot bailout is the huge amount of money deposited in their banks by Russians. This is allegedly because of lax Cypriot regulation, and much of the Russian money was apparently being laundered through Cyprus. Throughout the past decade, Cyprus gained a reputation as a centre […]

by Giles Cadman In the last few weeks “To big to jail” has started appearing in the media. Banks who have committed huge crimes that they have paid hundreds of millions of fines are only incurring a financial penalty. HBSC is one such bank, and its money laundering for drug cartels a particularly bad piece […]

by Giles Cadman Following on from an earlier post about Cyprus needing a bailout of more than its annual income, the Cypriot Government is launching a money laundering audit. The newly elected Cypriot government agreed to a private audit of its efforts to combat money laundering during a eurozone meeting earlier this month as a […]

by Giles Cadman One of the worst effected countries in the global financial crisis has been Cyprus. Their current debt, and the bailout they require is more than their annual GDP, calling into question how they will ever pay back any bailout money. Another focal point of the meeting is likely to be Cyprus. On […]

by Giles Cadman This story seems almost too fantastic to be true. A former British criminal imprisoned for IRA bombings and the ‘Ndrangheta are being chased for a huge property fraud. A British man, said to be involved with the republican terrorist organisation, is being sought by detectives investigating the £390m fraud which was based around […]

by Giles Cadman HSBC has been heavily penalised in several jurisdictions for financial crimes, and is now restructuring to prevent criminal activities in the future. HSBC’s biggest ever restructuring had been necessary to simplify the bank‘s complex structure which had made it attractive to money-laundering criminals, its chief executive said. Stuart Gulliver said HSBC’s structure […]

by Giles Cadman Many of the most famous names in banking have paid astronomical financial penalties for their activities prior to the Global Financial Crisis. HSBC settled for $1.9B in an extensive money laundering case. In response to the massive fine HSBC has changed their business practice, and bought in a team of experts to […]

by Giles Cadman A massive money laundering scheme has cost HSBC $1.92 billion in fines. This is a phenomenal amount of money, and well over double the amount of money laundered. HSBC Holdings Plc agreed to pay a record $1.92 billion in fines to U.S. authorities for allowing itself to be used to launder a river […]