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HSBC traces its origin to a hong in British Hong Kong and its present form was established in London by the Hongkong and Shanghai Banking Corporation to act as a new group holding company in ;   its name derives from that company's initials. HSBC's history has been plagued by a succession of scandals and the bank has been repeatedly fined for money laundering sometimes in relation with criminal organizations such as the Sinaloa cartel  or setting up large scale tax avoidance schemes. In HSBC had 8. The Hongkong and Shanghai Bank was founded by Thomas Sutherland in the then-British colony of British Hong Kong on 3 March , and in Shanghai a month later, benefiting from the start of trading into China, including opium trading.