All right. Will you let the Subcommittee know when it is completed?

So as Exhibit 55 says so simply and eloquently and dramatically, your own people 'were being asked to `fudge' the nature of the payments to avoid the U.S. embargo and seizure.'

Now, sharing information across international lines is not just an ancient problem at HSBC, it is still a current problem.

I think you prepared in your new approach to look at affiliates' internal audit findings to look for those with weak AML controls.

As Chairman Levin laid out in his statement, the Subcommittee's investigation into anti-money laundering and anti-terror finance efforts at HSBC has covered quite a bit of ground.

accountability for previous failures and conduct that has already taken place is essential as a deterrent

I agree with that and I also agree that Congress has responsibility, too, in our oversight.

the more a terrorist can get their money through our system, the stronger a terrorist group will be?

The oversight function is critically important and that is our responsibility, to bring about accountability through oversight.

I was very concerned.

I want to just read one thing to you before you answer, and that is what the World Bank has had to say about these bearer share accounts in its report last year.

I just do not understand it.

It is important that line of communication be kept open, that people be able to appeal denials of their strong urgings after notifying their supervisor that they are going to do it.

The Subcommittee investigation found that in some instances, the conclusion memos of exams at HBUS were a lot stronger than the supervisory letters that were sent to the bank.

even though there have been changes in the laws... it is still going on

Corruption was rampant at that bank. Did you believe it was rampant?

There is. Assume there is.

We hope this visibility will actually help reform efforts at the bank.

So the exams are going to be considered this year when assigning CAMELS management ratings?

I want to thank Senator Coburn for all of his support and for the work of his staff.

Well, when you say what you are legally permitted to do, were you legally permitted by the Caymans, by their law, to provide this?

And when will this be put in place? You said it is being put in place. When will this be accomplished?

Why should banks open accounts for bearer share corporations?

So the short answer is they cannot do it directly, so they have to go through this process of sending it to a Mexican bank, if they can, and then having it returned cleansed.

Well, but my point is that looking back now at what you knew then, it should not have been lifted.