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HSBC to Pay Record Fine to Settle Money Laundering Charges

New York Times Original article ›

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HSBC settled with the Justice Department on money laundering charges for $1.92 billion. The Justice Department's criminal division in a statement said about the charges and HSBC's acceptance of the charges and a five year period in which HSBC agrees to follow the terms of the agreement: "HSBC is being held accountable for stunning failures of oversight- and worse- that led the bank to permit narcotics traffickers and others to launder hundreds of millions of dollars through HSBC subsidiaries, and to facilitate hundreds of millions more in transactions with sanctioned countries." Lanny Breuer said the decision to go for a settlement instead of seeking an indictment of HSBC was because this was "a very just, very real and very powerful result."

HSBC and $1.92 billion settlement with U.S. Justice Department for money-laundering charges

03/06/2009

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