HSBC (previously accused of money laundering but deemed 'too big to fail') announces blockchain transaction
h/t to @libertyacademy for the inclusion of Jim Comey
HSBC, along with Dutch bank ING, today completed the first successful blockchain trade finance transaction, which is, according to Reuters: “...a major step in boosting efficiency and reducing errors in the multi-trillion-dollar funding of international trade.” The client for whom the transaction was made is Cargill and involved a shipment of soybeans sent to Malaysia from Argentina.
The HSBC (Hongkong and Shanghai Banking Corporation) headquarters is located in London, but was founded by Thomas Sutherland in the British colony of Hong Kong in 1865 and was central in China's opium trade. Today it's reportedly Europe's largest bank.
Two years ago, HSBC dodged a bullet when the US government declined to pursue criminal charges against it. The company had been accused of money laundering in connection with deposits made by drug dealers and terrorists that utilized a black market peso exchange. George Osborne, British Chancellor of the Echequer, intervened, warning the US that prosecution of HSBC could lead to a global financial “disaster” – another example of governments turning a blind eye to the machinations of corporations deemed “too big to fail.”
Rupert Neats reported in 2016 for The Guardian that a House Financial Services Committee report “revealed that Osborne wrote to Ben Bernanke, who was then the Federal Reserve chairman, and Timothy Geithner, the then treasury secretary, to warn that prosecuting a 'systemically important financial institution' like HSBC 'could lead to [financial] contagion' and pose 'very serious implications for financial and economic stability, particularly in Europe and Asia'.”
Note that Chris Rosello, a brand new US Head of Public Affairs at HSBC as of January 2018, has held positions in both the Treasury Department and on the House Financial Services Committee, though only one position is listed on the HSBC venn.
Great one @geke but you forgot the most important one:
James Comey (former FBI Director)
See Wikipedia where it says he served on the board of directors of HSBC Holdings until July 2013.
Please add for next edition. :-)
Great catch -- I'll add it now with a h/t to you!
It's funny, sometimes my research can blur together and I could have sworn I looked at the company directors! But obviously not. Thanks for the heads up!
HSBC certainly have their fingers in many pies! Great digging here again @geke .. I thought you might be interested in this interview with the UK's Mr Ethical!
Thank you @perceptualflaws!
This bank is history of establishment is legendary.
Its a good thing they dodge that money laundry accusation allegations by the US government
The world's first block chain for laundering drug money?
Not the first, or the last
It is actually not a great way to launder money. Only a bank would know how to do it correctly...or be motivated to design it that way.
Curated for #informationwar (by @truthforce)
Not really in the news, but Dutch ING has recently become the banker of tether.
I think what you think is very interesting, so it makes me review more articles you write.
Imformative article.. thnks for this important information @geke
@geke Gnade für das Teilen von großartigen Informationen
Blockchain is a trending topic for all organizations in world.
HSBC, along with Dutch bank ING, has done the first successful blockchain trade finance transaction for 'Cargill', which will help in boosting efficiency and reducing errors in the multi-trillion-dollar funding of international trade.