Labour

Right new management of HSBC has accepted responsibility for past mistakes - Leslie

Chris Leslie MP, Labour’s Shadow Financial Secretary to the Treasury, commenting on HSBC’s $1.9 billion with US regulators over money laundering allegations, said: 

“This unprecedented fine reflects the seriousness of the US Senate’s findings that HSBC allowed money laundering by drug cartels and terrorists to take place. 

“It is right that the new management of HSBC has accepted responsibility for past mistakes. But David Cameron’s Trade Minister Lord Green, who was chief executive and chairman of HSBC at the time that this money laundering happened, must urgently explain what he knew and when.

“Lord Green is not only a senior minister in the government, but an adviser to George Osborne on banking and a member of the cabinet committee on banking reform. He cannot continue to duck detailed questions about his time in charge of HSBC.”