US savages HSBC 'law-breaking'
- Published: 11 Dec 2012 at 14.46
- Online news: World
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.
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