I see that HSBC has recruited Dave Hartnett (who retired from HMRC last year) who, along with others, will head a new financial crime committee that will be set up to ensure tighter compliance with tightening global regulations.
The setting up of the committee follows HSBC's settlement in December of allegations by US regulators that it had moved billions of dollars in cash from its affiliate in Mexico to the US, despite concerns raised with HSBC that the money could only have involved proceeds from illegal drugs.
The $1.9BN fine was the largest ever imposed on a bank.
Tax does have to be taxing.
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