US savages HSBC 'law-breaking' | Bangkok Post: news

News > Asia

US savages HSBC 'law-breaking'

- +

HSBC intentionally broke US sanctions on Iran and other countries and laundered Mexican drug money to build its business, the US said Tuesday as it socked the global banking giant with $1.92 billion in fines. 

Asia-focused bank HSBC said on Tuesday it would pay US authorities a record $1.92 billion to settle allegations of money laundering that were said to have helped Mexican drug cartels, terrorists and Iran.

US authorities blasted the British bank's internal controls as "knowingly and willfully" lax as it enabled forbidden financial transactions with Iran, Libya, Sudan, Cuba and Myanmar from the 1990s through 2006.

This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.

0 people commented about the above

Readers are urged not to submit comments that may cause legal dispute including slanderous, vulgar or violent language, incorrectly spelt names, discuss moderation action, quotes with no source or anything deemed critical of the monarchy. More information in our terms of use.

Please use our forum for more candid, lengthy, conversational and open discussion between one another.

  • Latest
  • Oldest
  • Most replied to
  • Most liked
  • Most disliked

    Click here to view more comments