(Advertisement)

Bank HSBC to pay $1.9 billion in fines

U.S.: Britons’ money laundering rife

By PAN PYLAS, PETE YOST AND LARRY NEUMEISTER THE ASSOCIATED PRESS

Posted: December 12, 2012 at 4:24 a.m.

Credit: AP
 HSBC showed a “stunning, stunning failure” to monitor itself, Lanny Breuer, assistant attorney general of the Justice Department’s criminal division, said Tuesday.

American authorities on Tuesday cited “astonishing” dysfunction at HSBC after the British bank agreed to pay $1.9 billion in penalties for helping Mexican drug traffickers, Iran, Libya and others under U.S. suspicion or sanction to move money around the world.

British-owned bank HSBC to pay $1.9 billion settlement

British-owned bank HSBC is paying $1.9 billion to settle a US money-laundering probe. The bank was investigated for involvement in the transfer of funds from Mexican drug cartels and sanctioned nations like Iran. (By The Associated Press)
[View Full-Size]

This story is only available from our archives.

Front Section, Pages 1 on 12/12/2012

(Advertisement)



« Previous Story

Trade deficit widens 4.8% to $42.2 billion

Mike Hartman moves spools of thread at FesslerUSA apparel in Orwigsburg, Pa., in October. The U.S. Commerce Department reported Tuesday that wholesale businesses increased stockpiles in October but saw their sales fall, a mixed sign for economic growth.

The U.S. trade deficit widened in October when exports fell by a larger margin than imports, a sign that slowe... Read »

Next Story »

Tagliabue casts blame, not suspensions

Finding fault with nearly everyone tied to the New Orleans Saints’ bounty case, from the coaches to Roger Goodell, former NFL Commissioner Paul Tagliabue tossed out the sus... Read »

Comments

To report abuse or misuse of this area please hit the "Suggest Removal" link in the comment to alert our online managers. Please read our comment policy.

Use the comment form below to begin a discussion about this content.

Registration is required to make comments. Click here to LOGIN.
You can register for FREE to post comments and receive alerts.