HSBC linked to alleged money-laundering
There are calls for tougher regulation of Jersey's banks after a local-offshoot of HSBC was linked to allegations of money-laundering.
A major report by the US Senate accuses the global bank of a raft of wrongdoings.
US laws stop banks from doing business with certain countries including Iran.
However the report found the bank carried out thousands of transactions with Iran, and that HBME changed its records to remove any reference to that country.
HSBC Middle East, known as HBME, is registered at HSBC House on the Esplanade in St Helier in Jersey.
Deputy Geoff Southern says this should act as a wake-up call for those who oversee the industry.
The US Senate's findings have sent shockwaves through the financial world with HSBC saying it expects to be held accountable for what went wrong.
The report says more work needs to be done to prove if any laws were actually broken.
HSBC Middle East is regulated by the Jersey Financial Services Commission who say they are aware of the Senate report but say they can't talk about specific cases.
Deputy Geoff Southern thinks that is not good enough.
"Jersey claims to be a well-regulated island but that the US Senate's findings cast doubt on that, so much for regulation."
Channel Television received a statement from Jersey Financial Services Commission this evening:
"The Jersey Financial Services Commission is generally not able to comment publicly on matters relating to a registered person and it would in any case not be appropriate to do so in circumstances involving matters that are the subject of on going consideration."
"The Commission has extensive powers to require and enforce appropriate measures to counter money laundering and the financing of terrorism. This was reflected in the International Monetary Fund's last assessment of the Island's defences against such activities, published in September 2009. The report concluded that financial sector regulation and supervision in the Island were of a "high standard" and "complied well" with international standards."