The Financial Times reported on Thursday that the role played by leading UK high street bank, HSBC in a recent money laundering scandal in Spain is currently under investigation.
According to the FT, reports from the Spanish judicial police and the Commission for the Prevention of Money Laundering have accused some HSBC managers of helping the - now defunct - fund management company, Gescartera to divert the funds of its investors to offshore havens, and to cover up the resulting discrepancies between assets and liabilities.
The FT report revealed that the Spanish Economy Ministry has already fined the bank 2 million euros for maintaining 163 numbered bank accounts in contravention of Spanish banking law. However, the investigation is ongoing, and HSBC has not been charged with any wrongdoing in the Gescartera affair.
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