Monday, December 10, 2012

U.S. to Win $1.9 Billion Settlement from HSBC

Second British Bank Violating Iran Sanctions

The United States and the state of New York are expected to announce on Tuesday a record $1.9 billion settlement with the London-based HSBC. The bank was facing accusations that it transferred billions of dollars for nations like Iran and enabled Mexican drug cartels to move money illegally through its American subsidiaries. (New York Times, 10 December)
HSBC becomes the second major British bank to settle cases of violating U.S. laws related to Iran sanctions and other money laundering activities. Earlier today, the authorities won a $327 million settlement from Standard Chartered.
Photo credit: HSBC Headquarters in London. (Facundo Arrizabalaga/European Pressphoto Agency/NYTimes)

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