HSBC, Citigroup, Santander and Barclays accused of aiding corrupt regimes

It is hard to imagine that some of the world’s largest banks would be involved in some of the world’s most corrupt regimes, but that is just what Global Witness is accusing HSBC (NYSE:HBC), Citigroup (NYSE:C), Banco Santander SA (SAO:SANB3) and Barclays (LON:BARC) of.

The human rights and environmental campaign group has said that these banks have allegedly “facilitated” corruption and denied some of the world’s poorest people the chance to escape poverty.

The report, which was published today, has taken over a year to prepare, the timing is perfect as it coincide with this week’s G20 summit of finance ministers, which is being held in London.

In the report it states that Barclays kept open an account for the son of a dictator in Equatorial Guinea, HSBC and Santander have frustrated the American efforts to investigate the looting and laundering of Equatorial Guinea’s oil revenues, they accuse the bank of hiding behind secrecy laws in Luxembourg and Spain.

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