Household HSBC Watch

The Office of Foreign Assets Control (”OFAC”) of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries, terrorists, international narcotics traffickers, and those engaged in activities related to the proliferation of weapons of mass destruction.

OFAC acts under Presidential wartime and national emergency powers, as well as authority granted by specific legislation, to impose controls on transactions and freeze foreign assets under US jurisdiction. Many of the sanctions are based on United Nations and other international mandates, are multilateral in scope, and involve close cooperation with allied governments.

HSBC, in a recent Senate money laundering report, claimed to have cooperated fully. Here is their quote:
“However, we are unable to provide information that our non-US affiliates solely possess. These affiliates, which are neither our branches or subsidiaries, are subject to the laws of the countries in which they operate.”

After the September 11 2001 hijackings and subsequent destruction of New York’s World Trade Center towers, HSBC, despite reciting the public reports of profiting from money looted by Nigeria’s ex-dictator Sani Abacha and holding money for 9/11/01 hijacker(s), does not deny either of these.

Rather it refers vaguely to “internal systems” regarding which it does not provide any information.

OFAC states without any doubt: “U.S. depository institutions, including foreign branches, are forbidden from servicing accounts of the government of Iran, including banks owned or controlled by the government of Iran or persons in Iran.”

HSBC has been courting Iran. HSBC set up a representative office in Tehran in 1999 after an absence of four decades and has won some key financing mandates. Dr Nasser Homapour, HSBC representative in Tehran, was recently quoted as saying that Iran is too prosperous to ignore.

Which comment will we see next from HSBC? “Internal systems” regarding which it does not provide any information?

Before you apply for a Helzberg Diamonds, Mac Tools, Northern Tool, Furniture Row, or Best Buy credit card remember who does the financing - predatory lender Household International, a wholly owned subsidiary of HSBC.

Before you open an account at an HSBC branch, study the global record, follow the money, and do your homework. HSBC is going to spread across America, and has a new national charter. HSBC Watch remains strong as your consumer advocacy organization and we bring you the news.