HSBC allowed fraudsters to transfer millions of dollars around the world even after it had learned of their scam, leaked secret files show.
Britain’s biggest bank moved the money through its US business to HSBC accounts in Hong Kong in 2013 and 2014.
Its role in the $80m (£62m) fraud is detailed in a leak of documents – banks’ “suspicious activity reports” – that have been called the FinCEN Files.
HSBC says it has always met its legal duties on reporting such activity.
The files show the investment scam, known as a Ponzi scheme, started soon after the bank was fined $1.9bn (£1.4bn) in the US over money laundering. It had promised to clamp down on these sorts of practices.
Lawyers for duped investors say the bank should have acted sooner to close the fraudsters’ accounts.
The document...Read More
A Spanish athlete is being applauded on social media after he sacrificed a top tier win in the 2020 Santander Triathlon to give it to a competitor who took a wrong turn on the course.
British athlete James Teagle was on course to win third place in the competition in Spain last weekend when he made a mistake metres from the finish.
Diego Méntrida overtook him but noticed the error and stopped to allow Teagle to cross first.
“He deserved it,” Méntrida said later.
The race took place on 13 September but footage from the race has spread on social media in the past day, as many congratulate 21-year-old Méntrida for his show of sportsmanship.
On Friday Méntrida was awarded honorary third place by the organisers and the same €300 (£274) prize money as Teagle, according to Spanish newspa...Read More
Sir Keir Starmer has called on Prime Minister Boris Johnson to apologise for a “near collapse” in the government’s coronavirus test and trace system.
The Labour leader told the BBC ministers had “lost control of where the virus is”, making the need for further restrictions “more likely”.
He added that “fixing testing” should be the “number one priority”.
The health secretary said extra resources were being put towards speeding up test results.
Matt Hancock blamed a spike in those without symptoms seeking tests for an increase in demand, but said this had fallen in the last week or so.
But he admitted the proportion of test results being turned around within the government’s 24-hour target period “clearly needs to go up”.
Sir Keir’s call...Read More
Holiday camp operator Butlin’s has yet to tell 1,000 furloughed workers what their future is when the government’s wage subsidy scheme ends next month.
A document sent to staff and seen by the BBC suggests employees either take paid holiday if they have any remaining or unpaid leave if not.
Butlin’s is currently operating at 50% capacity and is heading into the winter months when income falls significantly.
It said no decision had been made about workers on the government scheme.
The company said: “Since we reopened Butlin’s we’ve worked hard to bring back as many of our team as possible whilst ensuring we’re safe and secure.
“There has been no decision made regarding our team who are still furloughed.”
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Sir Keir Starmer has been warned against “watering down” the “radical policies” he promised during his campaign to become Labour leader.
The Fire Brigades Union told the BBC he must not “cede any ground” to the Conservatives and fight for “root-and-branch” reform of society.
General Secretary Matt Wrack added that he had not “heard Keir make that case” since becoming Labour leader in April.
Sir Keir has urged the party and unions to “stand together like never before”.
Labour’s four-day annual conference, the first under his leadership, began on Saturday.
Renamed Labour Connected, it is taking place online and will not feature votes, but the party’s major figures will still give speeches and take part in discussions.
In his campaign to become leader, Sir Keir set out 10 pledges.
Among t...Read More