Dirty Money Season 1 Episode 3 Gone with the Schwim

In season 1, episode 3 titled "Gone with the Schwim", Dirty Money delves into the corrupt world of international banks and financial institutions. The episode examines the scandalous business practices of the Swiss bank, HSBC, which in 2012 was found to be laundering Mexican drug cartel money and facilitating transactions with clients linked to terrorist organizations.

In this episode, viewers are presented with compelling evidence of HSBC's involvement in criminal activities, which the bank appeared to turn a blind eye to in the pursuit of profits. Through interviews with former employees of the bank, regulators, and industry experts, the show uncovers how HSBC operated a division in Mexico that essentially became a conduit for billions of dollars worth of illegal drug money. The bank's lack of oversight and disregard for basic anti-money laundering laws allowed Mexican drug cartels to use HSBC's accounts to launder an estimated $881 million over several years.

Viewers are introduced to one of the lead investigators, Everett Stern, who was working as a compliance officer for HSBC in 2012. When Stern uncovered evidence of illegal activity within the bank, he reported it to his superiors but was eventually fired for his efforts. Stern went on to become a whistleblower and alerted government agencies to HSBC's behavior, which eventually led to the bank paying a $1.9 billion fine. The episode showcases Stern's brave actions, as well as his frustrations with the lack of accountability and repercussions for the bank's senior executives who oversaw and enabled the illegal practices.

The episode also highlights the role of Swiss banks in facilitating tax evasion, with a particular focus on the activities of key players within the banking establishment, such as Rudolf Elmer, the former head of client relationship management at Swiss bank Julius Baer. Elmer became a whistleblower himself when he handed sensitive client data and correspondence to Julian Assange's WikiLeaks. Through interviews, the show reveals how Elmer felt compelled to expose the bank's illegal practices and how he lost his job, reputation, and relationships as a result of his actions.

In conclusion, "Gone with the Schwim" is a riveting and illuminating episode that exposes the inner workings of some of the world's largest banks and their questionable business practices. The show adeptly combines interviews, archival footage, and docudrama elements to present a compelling and sobering portrayal of money laundering, tax evasion, and the lengths that some people will go to in order to generate wealth and profits. Through the lens of HSBC and other Swiss banks, the episode exposes the corrupt nature of the financial sector, and highlights the urgent need for tougher regulations and greater oversight.