MPs call for probe into Cherie Blair’s law firm and HSBC over alleged money laundering after Mail revelations
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MPs last night demanded a formal investigation into Cherie Blair over allegedly corrupt payments from the repressive Maldives government.
There were also calls for an inquiry into HSBC’s role in the murky deal.
The demands came after the Mail revealed yesterday how Mrs Blair’s legal firm received at least £210,000 for its work for the tax haven’s autocratic president from a suspected conman and terrorist who is now an international fugitive.
The payment landed in Omnia Strategy’s HSBC account in September last year after being approved by the bank.
The legal watchdog is understood to be looking into the case following the revelations, although a formal investigation has not yet been launched.
Firms subjected to a full probe by the Solicitors Regulation Authority can be reported to the Crown Prosecution Service and Serious Fraud Office, or hit with fines and formal reprimands.
Law firms have strict legal requirements to report suspicious activity which may indicate money laundering, and to verify the identity of clients and the source of funds.
Banks also have to comply with strict rules to ensure they are not being used by corrupt states, criminals, terrorists or drugs gangs to launder money.
HSBC was fined £1.1billion in the US in 2012 for laundering billions of pounds for Mexican drugs cartels and rogue states.
Any further breach could result in the bank losing its US licence to operate.
Tory MP Nigel Mills, chairman of the All-Party Group on Anti-Corruption, said the Maldives case appeared to highlight what money laundering rules were supposed to stop. FULL STORY