HSBC Targeted in Swiss Probe Linked to Ex-Lebanon Central Banker
Swiss federal prosecutors opened the probe in January into HSBC Private Bank (Suisse) SA, an unnamed individual and four other 'unknown persons' in relation to the case, it said in a statement on Wednesday. It declined to comment further given the probe is ongoing.
Since 2020, Swiss prosecutors have been investigating the case surrounding Riad Salameh, Lebanon's former central bank governor, who was then charged last year by Lebanese prosecutors with embezzling public funds, forgery, illicit enrichment and money laundering. Salameh was head of Lebanon's central bank for three decades before stepping down.
He's been sanctioned by both the US and the UK, with the US Treasury accusing him of abusing his position of power to enrich himself and his associates. Salameh has repeatedly denied allegations against him and has said that his fortune was amassed during his previous career in finance.
Earlier on Wednesday, the UK bank said that it was being investigated by Swiss and French law enforcement agencies over its involvement in alleged money laundering. The investigations are at an early stage and authorities are examining potential offenses related to what the bank said were 'two historical banking relationships,' according to a statement. HSBC warned the possible impact on the firm could be significant, though it was 'not practicable' to predict what that might be.
Switzerland's financial regulator last year announced that it had found that HSBC's private bank had failed to carry out adequate checks on high-risk accounts owned by politically exposed persons. At the time, Finma said it had found serious violations of the law related to a total of more than $300 million of transactions carried out between 2002 and 2015.
HSBC was ordered to conduct a review of its anti-money laundering systems and of all of its high-risk business relationships and relationships with politically exposed clients. The bank was also told that it could not take on any more politically exposed persons as clients until the work was complete.
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The Hindu
11 minutes ago
- The Hindu
Non-motorised transport projects in Kochi remain incomplete
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Indian Express
6 hours ago
- Indian Express
Daily subject-wise quiz : International Relations MCQs on African Union, Khmer Kingdom and more (Week 121)
UPSC Essentials brings to you its initiative of subject-wise quizzes. These quizzes are designed to help you revise some of the most important topics from the static part of the syllabus. Attempt today's subject quiz on International Relations to check your progress. 🚨 Click Here to read the UPSC Essentials magazine for July 2025. Share your views and suggestions in the comment box or at With reference to the African Union (AU), consider the following statements: 1. The AU's secretariat, the African Union Commission, is based in Nairobi. 2. The official languages of the Union and all its institutions are only Arabic and French. 3. It was officially established in 2002 as the successor of the Organisation of African Unity. How many of the statements given above are correct? (a) Only one (b) Only two (c) All three (d) None Explanation — The African Union (AU) is an intergovernmental organisation of the 55 member states located on the continent of Africa. — It was officially established in 2002 as the successor of the Organisation of African Unity (OAU, 1963-1999). Hence, statement 3 is correct. — The African Union Commission, the organization's secretariat, is headquartered in Addis Ababa. The organisation has a combined GDP of $3 trillion and 1.4 billion people. Hence, statement 1 is not correct. — However, its primary goal was to assist in the liberation of the continent's colonial countries. To accomplish this, the OAU mobilised diplomatic support and gave logistical assistance to liberation movements throughout Africa. — The official languages of the Union and its institutions will be Arabic, English, French, Portuguese, Spanish, Kiswahili, and any other African language. Hence, statement 2 is not correct. Therefore, option (a) is the correct answer. (Other Source: With reference to the World Economic Outlook, consider the following statements: 1. It provides a comprehensive picture of the global economy as well as details of individual countries. 2. It is published by the World Bank once every two years. Which of the statements given above is/are correct? (a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither 1 nor 2 Explanation — The International Monetary Fund (IMF) released the latest update of its World Economic Outlook (WEO). The IMF has 191 member countries, and its overall goal is to strive for their 'sustainable growth and prosperity'. It does so by fostering international trade, economic growth, and policies that encourage countries to cooperate, especially when it comes to monetary policy. The IMF releases the WEO twice every year, in April and October, apart from updating it twice — in January and July. Hence, statement 2 is not correct. — The WEO is the IMF's benchmark publication as it provides a comprehensive picture of the global economy as well as details of individual countries. Hence, statement 1 is correct. — The broader message is captured by the title of the update — 'Global Economy: Tenuous Resilience amid Persistent Uncertainty'. There are two main takeaways for the state of the global economy. — First, the global economy has proven to be resilient, albeit tenuous, and second, the outlook is plagued by persistent uncertainty. Therefore, option (a) is the correct answer. Consider the following statements: 1. Until July 20, this country was the 58th largest economy in the world. A day later, it rose three spots to the 55th rank, overtaking Ukraine, Qatar, and Hungary in the process as it added more than $50 billion, or roughly 30 per cent of its GDP, in 2024. 2. This is not the first time this country has seen such a huge increase in its GDP due to the base year revision. More than a decade ago, change in the base year from 1990 to 2010 had helped propel this nation to the position of Africa's largest economy thanks to an even-larger 89 per cent increase in the GDP to $510 billion in 2014. The above mentioned statements refer to: (a) Sudan (b) Nigeria (c) Tanzania (d) South Africa Explanation — On July 21, Nigeria's National Bureau of Statistics (NBS) published the results of its GDP rebasing exercise, which saw the base year of the indicator being updated to 2019 from 2010, among other changes. Nigeria's GDP in 2024 is now estimated at $243 billion in nominal terms, up from $187 billion forecast by the International Monetary Fund (IMF). — Nigeria's base-year revision exercise included other more meaningful changes in the manner in which the African nation calculates the GDP. This included increasing the scope of its methodology to include previously undercounted sectors such as digital services, pension fund operations, and e-commerce activities, among others. — This is not the first time Nigeria has seen such a huge increase in its GDP due to the base year revision. More than a decade ago, change in the base year from 1990 to 2010 had helped propel Nigeria to the position of Africa's largest economy thanks to an even-larger 89 per cent increase in the GDP to $510 billion in 2014. Therefore, option (b) is the correct answer. With reference to the places in news and the region associated, consider the following statements: 1. Zaporizhzhia nuclear plant – Iran 2. Sochi – Russia 3. Oaxaca region – Brazil How many of the pairs given above are correctly matched? (a) Only one (b) Only two (c) All three (d) None Explanation — More than 120 firefighters were trying to extinguish a blaze at an oil depot in the Russian city of Sochi that was sparked by a Ukrainian drone attack, regional Governor Veniamin Kondratyev said. — In the Krasnodar region on the Black Sea where Sochi is located, a fuel tank with a capacity of 2,000 cubic metres (70,000 cubic feet) was on fire, Russia's RIA news agency reported, citing emergency officials. — The International Atomic Energy Agency (IAEA) said that its team at Ukraine's Zaporizhzhia Nuclear Power Plant (ZNPP) heard explosions and saw smoke coming from a nearby location. — A 5.7 magnitude earthquake struck the southern Mexican state of Oaxaca, the German Research Center for Geosciences (GFZ) said. Therefore, option (a) is the correct answer. Which of the following organisations is known as the world's 'Atoms for Peace and Development'? (a) International Energy Agency (b) International Renewable Energy Agency (c) World Energy Council (d) International Atomic Energy Agency Explanation — The International Atomic Energy Agency is the world's central intergovernmental forum for scientific and technical cooperation in the nuclear field. — It promotes the safe, secure, and peaceful use of nuclear science and technology, therefore contributing to world peace and security and the United Nations' Sustainable Development Goals. — The IAEA, often known as the 'Atoms for Peace and Development' organisation within the United Nations family, is the international centre for nuclear cooperation. Therefore, option (d) is the correct answer. (Source: The Khmer Kingdom, which reached its political peak in the 12th and 13th centuries, encompassed which of these countries or portions of present-day countries? 1. Cambodia 2. Thailand 3. Laos 4. Vietnam 5. Myanmar Select the correct answer using the codes given below: (a) 1, 2, 3, 4 only (b) 2, 3, 4 and 5 only (c) 1, 2 and 5 only (d) 1, 2, 3, 4 and 5 Explanation — One of the conflicts drawing global attention in 2025 is the dispute between the Southeast Asian neighbours — Thailand and Cambodia. At its core lies a border. Stretching across 508 miles, this boundary was drawn when France occupied Cambodia in the late eighteenth century. — Cambodia is situated in mainland Southeast Asia, with Thailand to the west and Vietnam to the east. It shares its northeastern border with Laos. The ethnic majority of Cambodia, the Khmers, reached their political peak in the twelfth and thirteenth centuries, when the Khmer kingdom of Angkor encompassed portions of what are now Thailand, Laos, Vietnam, and Myanmar. Since the thirteenth century, however, this stronghold steadily weakened. Therefore, option (d) is the correct answer. Recently, Chin State was in the news due to a faceoff between two anti-military forces. Which country is this referring to? (a) Cambodia (b) Philippines (c) Thailand (d) Myanmar Explanation — Around 4,000 new refugees from Myanmar have entered Mizoram over the past few days following a renewed outbreak of fighting in the neighbouring country's Chin State. — The Chin State in Myanmar has been witnessing a faceoff between two anti-military junta forces – the Chin National Defence Force (CNDF) and the Chinland Defence Force (CDF) Hualnogram – since July 2. As a result, thousands of residents have streamed into Mizoram's Champhai district. Therefore, option (d) is the correct answer. The 'Two-State Solution,' often seen in news, refers to: (a) Division of the Korean Peninsula into North Korea and South Korea as two sovereign nations. (b) Creation of two independent states for Israelis and Palestinians living side-by-side in peace and security. (c) Separation of Sudan and South Sudan into two independent republics following a UN-mediated referendum. (d) Division of Cyprus into Greek and Turkish parts under a UN-brokered peace deal. Explanation — The Two-State Solution refers specifically to the proposal that Israel and Palestine should exist as two independent, sovereign states, coexisting peacefully within mutually agreed and secure borders. — This solution is supported by the United Nations and most of the international community, including India, as reaffirmed at the UN high-level conference in July 2025. — India stated that it's time to move from paper solutions to practical implementation through diplomatic dialogue. Therefore, option (b) is the correct answer. Daily Subject-wise quiz — History, Culture, and Social Issues (Week 119) Daily subject-wise quiz — Polity and Governance (Week 121) Daily subject-wise quiz — Science and Technology (Week 121) Daily subject-wise quiz — Economy (Week 121) Daily subject-wise quiz — Environment and Geography (Week 121) Daily subject-wise quiz – International Relations (Week 120) Subscribe to our UPSC newsletter and stay updated with the news cues from the past week. Stay updated with the latest UPSC articles by joining our Telegram channel – IndianExpress UPSC Hub, and follow us on Instagram and X. Manas Srivastava is currently working as Senior Copy Editor with The Indian Express (digital) and leads a unique initiative of IE - UPSC Essentials. He majorly writes on UPSC, other competitive exams and education-related projects. In the past, Manas has represented India at the G-20 Youth Summit in Mexico. He is a former member of the Youth Council, GOI. A two-time topper/gold medallist in History (both in graduation and post-graduation) from Delhi University, he has mentored and taught UPSC aspirants for more than five years. His diverse role in The Indian Express consists of writing, editing, anchoring/ hosting, interviewing experts, and curating and simplifying news for the benefit of students. He hosts the YouTube talk show called 'Art and Culture with Devdutt Pattanaik' and a LIVE series on Instagram and YouTube called 'LIVE with Manas'.His talks on 'How to read a newspaper' focus on newspaper reading as an essential habit for students. His articles and videos aim at finding solutions to the general queries of students and hence he believes in being students' editor, preparing them not just for any exam but helping them to become informed citizens. This is where he makes his teaching profession meet journalism. He is also the editor of UPSC Essentials' monthly magazine for the aspirants. He is a recipient of the Dip Chand Memorial Award, the Lala Ram Mohan Prize and Prof. Papiya Ghosh Memorial Prize for academic excellence. He was also awarded the University's Post-Graduate Scholarship for pursuing M.A. in History where he chose to specialise in Ancient India due to his keen interest in Archaeology. He has also successfully completed a Certificate course on Women's Studies by the Women's Studies Development Centre, DU. As a part of N.S.S in the past, Manas has worked with national and international organisations and has shown keen interest and active participation in Social Service. He has led and been a part of projects involving areas such as gender sensitisation, persons with disability, helping slum dwellers, environment, adopting our heritage programme. He has also presented a case study on 'Psychological stress among students' at ICSQCC- Sri Lanka. As a compere for seminars and other events he likes to keep his orating hobby alive. His interests also lie in International Relations, Governance, Social issues, Essays and poetry. ... Read More
Mint
6 hours ago
- Mint
FCA Says Banks Could Face £9 Billion Bill on Car Loans
(Bloomberg) -- The UK's Financial Conduct Authority will consult on a redress scheme to guide banks on how they should compensate customers that were missold used car loans, which could leave the lenders on the hook for at least £9 billion ($11.9 billion). The cost of the redress scheme could plausibly be as high as £18 billion but a lower figure was more likely, according to a press release by the FCA on Sunday. The announcement comes after the UK's top court handed a big boost to banks on Friday, overruling lower court judgments and reducing the amount they will need to pay out in compensation. 'Any redress scheme must be fair to consumers who have lost out and ensure the integrity of the motor finance market, so it works well for future consumers,' the FCA said in the statement. 'We will publish the consultation by early October and finalise any scheme in time for people to start receiving compensation next year.' While the Supreme Court's judgment will see banks avoid the enormous payouts many had feared, they still face having to pay out some compensation. Many of the UK's biggest lenders, including Lloyds Banking Group Plc and Banco Santander SA, have provisioned for potential losses. American Depositary Receipts of lenders like Lloyds and Close Brother Group Plc soared in value after the judgment was handed down on Friday. The full extent of the losses that banks will face as a result of hidden commissions in car finance arrangements won't be clear until the redress scheme is finalized, but fears of a PPI style compensation scheme have been allayed by the Supreme Court's judgment. Three rulings by the Court of Appeal were the subject of the decision on Friday, with two of them overturned on appeal in favor of the banks. The Supreme Court did say that in one of the cases a customer had been treated unfairly by the lender, FirstRand Ltd., and that will help shape the regulator's redress scheme. 'The Supreme Court agreed with several factors we had identified which could point towards an unfair relationship and fall foul of the Consumer Credit Act,' the FCA said in it's statement. 'This clarity helps us because we have been looking at what is unfair and, prior to this judgment, there were different interpretations of the law coming from different courts.' (Updates with more details) More stories like this are available on
