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    Pagsinuhin Reaction Paper - Dirty Money 46234

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    Marjorie Pagsinuhin
    The document is a reaction paper discussing the documentary "Dirty Money" and the case of HSBC enabling money laundering. The paper expresses disappointment that HSBC received only a deferred prosecution agreement despite repeated violations. It raises the possibility that HSBC was not more severely punished due to threats to the economy or from drug cartels/terrorists. The paper also draws parallels to corruption in the Philippines and concludes that accountants have a responsibility to uphold principles and prevent normalization of corruption through careful handling of numbers and transactions.

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    Pagsinuhin Reaction Paper - Dirty Money 46234

    Uploaded by

    Marjorie Pagsinuhin
    35 views2 pages
    The document is a reaction paper discussing the documentary "Dirty Money" and the case of HSBC enabling money laundering. The paper expresses disappointment that HSBC received only a deferred prosecution agreement despite repeated violations. It raises the possibility that HSBC was not more severely punished due to threats to the economy or from drug cartels/terrorists. The paper also draws parallels to corruption in the Philippines and concludes that accountants have a responsibility to uphold principles and prevent normalization of corruption through careful handling of numbers and transactions.

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    The document is a reaction paper discussing the documentary "Dirty Money" and the case of HSBC enabling money laundering. The paper expresses disappointment that HSBC received only a deferred prosecution agreement despite repeated violations. It raises the possibility that HSBC was not more severely punished due to threats to the economy or from drug cartels/terrorists. The paper also draws parallels to corruption in the Philippines and concludes that accountants have a responsibility to uphold principles and prevent normalization of corruption through careful handling of numbers and transactions.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    35 views2 pages

    Pagsinuhin Reaction Paper - Dirty Money 46234

    Uploaded by

    Marjorie Pagsinuhin
    The document is a reaction paper discussing the documentary "Dirty Money" and the case of HSBC enabling money laundering. The paper expresses disappointment that HSBC received only a deferred prosecution agreement despite repeated violations. It raises the possibility that HSBC was not more severely punished due to threats to the economy or from drug cartels/terrorists. The paper also draws parallels to corruption in the Philippines and concludes that accountants have a responsibility to uphold principles and prevent normalization of corruption through careful handling of numbers and transactions.

    Copyright:

    © All Rights Reserved
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    Marjorie A.

    Pagsinuhin TTH 8:30 -


    10:00AM
    BSA 46234 Ms. Clarize
    Mabiog

    REACTION PAPER: Dirty Money


    Last weekend, we were tasked to watch an episode of the Dirty Money
    documentary series with the episode’s title as “Cartel Bank”. This film is about how the
    Hong Kong and Shanghai Banking Corporation was enabling drug cartels and terrorists
    to launder their huge amounts—maybe even millions of dollars of money straight into
    the financial system.
    After watching the film, I cannot explain my huge disappointment on how this
    case of the HSBC turned out. They were caught and guilty too many times already, so
    how did the US Department of Justice came up with only a deferred prosecution
    agreement with them? It was a dismay, but it safe to say that I am not really surprised. It
    was a simple question of why but somehow complicated to think about the answer.
    Maybe the US-DOJ is telling the truth, that suspending HSBC would have a really huge
    impact on the country’s economy. Or maybe they were telling white lies, that the
    economy is indeed affected because the terrorists or drug lords gave them threats of
    shutting down multiple business chains, assuming that lots of income is deeply rooted
    from the operations of these bad people. My very imaginative mind was also thinking
    maybe the terrorists or drug lords threatened the officials of the government, saying that
    they will not only kill them but also the lives of their families are at stake. Or maybe the
    authorities are also getting bribed with lots and lots of money.
    All of these may not be the truth, but they are very possible scenarios. One thing
    everyone knows is for sure, that HSBC bank violated not only a number of international
    banking laws and accounting principles, but they also disrupted the very human lives
    and rights of all the innocent who got killed by the terrorists and cartels due to the
    bank’s association with them.
    When I searched the internet if the case was reconsidered, I was disappointed
    again as the results showed me that the case was closed. The HSBC bank really got off
    easily. Now I can’t help but think of how it is closely similar to the situation is here in the
    Philippines, how law-breaking citizens and big firms was let go off their hideous crimes,
    and why? Because they can. They have the power and money to influence our very
    own government officials, albeit how worse their deeds are. Our country is corrupted,
    not so different from the other countries, maybe even worst of the worse. The missing
    typhoon funds, the extra-judicial killings, the NPA and Lumad killings, the POGO case,
    the bullet-planting, the P15B missing Philhealth funds, pork barrel scams. It was
    immoral, brutal even. Especially for those who were at the marginal side of the society,
    barely surviving and in need of good administration to improve their way of living.
    My conclusion is, money may have tremendous power to anyone, but we, future
    accountants and accountants always see the truth in numbers. In our own hands, we
    have the power to adjust entries, correct numbers, check errors, avoid fraudulent
    transactions. We have to stick to our own principles and morals, not only because it is
    our job, but also because we want to de-normalize corruption and to have a safer future.

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