Panama Papers demonstrate lessons must be learned and bank systems strengthened to halt abuse,Douglas Flint tells shareholders HSBC needs to enact more to strengthen its processes to protect the financial system from “bad actors”, the chairman of Britain’s biggest bank has said.
Referring to the Panama Papers – which showed HSBC and its affiliates had created more than 2300 companies through the Panama-based law firm Mossack Fonseca – Douglas Flint said they showed once again how legal corporate structures could be abused to facilitate money laundering and tax evasion or could be used to obscure “ill-gotten gains”.
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Source: theguardian.com