We did not want another workshop where lots of brilliant ideas are raised, but quickly fade once everyone went back to the comfort of their respective offices, as so often happens in Fiji. In fact all the stakeholders were excited to move things forward.
Several lapses were identified in HSBC’s AML compliance which included ignoring internal warnings on inadequacy of internal monitoring systems, mis-categorization of Mexico as a “low risk” country leading to transactions being exempt from detailed monitoring, etc. A fine of $ 1.9 billion was imposed on HSBC Holdings.