‘Tricks and cunning’: Big penalties don’t stop banks from moving dirty cash

Money streamed in from California, Peru, Bolivia, China and other places where low-income families were willing to sink their modest savings – US$2,000, US$5,000, US$10,000 (RM8,300, RM20,700, RM41,400) – into an investment they hoped would change their lives.With the tap of a keyboard, money from investors were funnelled through the New York operations of global banking giant HSBC. Then it zipped across the world into accounts at HSBC’s sprawling Hong Kong offices.Like others taken in by what became known as the World Capital Market (WCM) Ponzi scheme, Reynaldo Pacheco, a 44-year-old father i…

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