Former top spook to join HSBC board

THE former director-general of MI5 is joining the board of HSBC to bolster its defences against financial crime.

Sir Jonathan Evans will join the bank as a non-executive director in August and will sit on its financial system vulnerabilities committee which it set up earlier this year.

The 55-year-old spent 33 years in the security services, the last six as director-general. His main focus was counter-terrorism, both international and domestic including initiatives against cyber threats.

He also has significant experience of counter-espionage, protection of classified information and the security of critical national infrastructure.

HSBC chairman Douglas Flint said Evans’ experience of combatting threats to data security, critical infrastructure and organised crime would be of “considerable value to the board as it addresses its governance of systemic threats”.

Evans’ appointment will be for an initial three-year term, subject to reelection by shareholders, and he will be paid £125,000.

Last year HSBC reached a record $1.9 billion (£1.25 billion) settlement with United States authorities over money-laundering charges.

In January it set up the financial system vulnerabilities committee to oversee and set policy on areas including anti-money laundering systems and controls, standards on tax transparency, prevention of terrorist financing and association with illegal drugs activities.

The committee’s remit also includes dealing with intelligence in regard to emerging threats.