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Banking giant HSBC sheltered cash linked to dictators and arms dealers

• http://www.irishtimes.com/business/financial-servi

Secret documents reveal that global banking giant HSBC profited from doing business with arms dealers who channeled mortar bombs to child soldiers in Africa, bag men for Third World dictators, traffickers in blood diamonds and other international outlaws. The leaked files, based on the inner workings of HSBC's Swiss private banking arm, relate to accounts holding more than $100 billion. They provide a rare glimpse inside the super-secret Swiss banking system ?" one the public has never seen before. The documents, obtained by the International Consortium of Investigative Journalists via the French newspaper Le Monde, show the bank's dealings with many clients engaged in a spectrum of illegal behavior, especially in hiding hundreds of millions of dollars from tax authorities.

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