HSBC apologizes for 'laundering Mexican drug money'
- Published: 17 Jul 2012 at 22.48
- Online news: World
HSBC apologized Tuesday for failing to apply anti-laundering rules and one senior executive resigned, as lawmakers accused the global bank of giving Iran, terrorists and drug dealers access to the US financial system.
HSBC's Head of Compliance David Bagley resigned Tuesday in front of a US Senate panel after lawmakers released a damning report accusing the global bank of giving drug dealers and terrorists access to the US financial system.
With the banking sector already under fire for manipulating interest rates and reckless trading, HSBC said more should have been done to prevent years of abuse amounting to tens of billions of dollars of illicit transactions.
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