HSBC Risks Losing U.S. Banking Licence As Pressure Mounts Over Panama Papers Probe

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James Burton reports for This Is Money:

Threat: HSBC could lose its US banking licence if American authorities decide to investigate it over the Panama Papers tax leaksHSBC risks losing its US banking licence if US authorities decide to investigate and find it has acted improperly over the Panama Papers tax leaks, experts warned.

It will pile pressure on British regulators to act robustly on any evidence of money-laundering in the documents, which show the bank and affiliates used law firm Mossack Fonseca to set up 2,300 shell companies for clients.

And it comes as French police raided the headquarters of Societe Generale bank over its links to Panama.

Prime Minister David Cameron has created a task force to examine the links between Panama and the UK financial system.

But Jacob Rees-Mogg, a Conservative member of the Treasury Select Committee, said ultra-tough US regulators would step in if Britain failed to respond strongly.

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