HSBC 'To Pay $1.9bn' In Money Laundering Case

British banking giant HSBC will pay a record $1.9bn (£1.2bn) to settle a money-laundering probe by US authorities into Europe's biggest bank, reports say.

The investigation of the bank has focused on the transfer of billions of dollars on behalf of nations such as Iran and the movement of money through the US financial system from Mexican drug cartels.

Reports say the bank is expected to pay $1.25bn (£778m) in forfeiture - the biggest such amount in any case involving a bank - on top of $655m (£408m) in civil penalties.

Under what is known as a deferred prosecution agreement, the bank will be accused of violating the Bank Secrecy Act and the Trading With The Enemy Act.

The bank says it is co-operating with investigations but that those discussions are confidential.

Standard Chartered agreed to pay £203m to settle money laundering claims

A US Senate investigative committee reported earlier this year that in 2007 and 2008, HSBC Mexico sent about $7bn in cash to the US. The committee said such an amount of cash pointed to illegal drug proceeds.

Last month it emerged HSBC was setting aside as much as $1.5bn (£935m) to cover the likely bill for fines from US authorities.

The HSBC agreement comes after another London-based bank, Standard Chartered, agreed to pay $340m (£203m) to settle federal charges that it laundered money on behalf of four countries, including Iran, that were subject to US economic sanctions.

That deal covered currency transactions made at the bank's New York branch for Iranian, Sudanese, Libyan and Burmese entities from 2001 to 2007.

With US officials increasingly cracking down on money laundering by banks, Credit Suisse, Barclays and Lloyds have all paid settlements since 2009 related to allegations that they moved money for people or companies that were on the US sanctions list.

An official announcement of the HSBC agreement is expected as early as Tuesday.

Anda sedang membaca artikel tentang

HSBC 'To Pay $1.9bn' In Money Laundering Case

Dengan url

http://mukenyerate.blogspot.com/2012/12/hsbc-to-pay-19bn-in-money-laundering.html

Anda boleh menyebar luaskannya atau mengcopy paste-nya

HSBC 'To Pay $1.9bn' In Money Laundering Case

namun jangan lupa untuk meletakkan link

HSBC 'To Pay $1.9bn' In Money Laundering Case

sebagai sumbernya