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Banking Giant HSBC Sheltered Murky Cash Linked to Dictators and Arms Dealers

...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... French economist Thomas Piketty...[said,] "Financial opacity...[drives] rising global inequality. It allows...[the wealthiest] to pay negligible tax rates, while the rest of us pay large taxes in order to finance...public goods and services..." [A]...questionable account appears under the name of Katex Mines Guinee. According to a 2003 report by the United Nations, Katex Mines was a front company used by Guinea’s Ministry of Defense to traffic arms to rebel soldiers in Liberia during fighting in 2003...An analysis by ICIJ shows that almost 2,000 of HSBC clients who appear in the files are associated with the diamond industry. Among them is Emmanuel Shallop, who was subsequently convicted of dealing in blood diamonds...

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