Tuesday, December 11, 2012


British banking giants have come under fire line from the US financial authorities. HSBC will pay a record $1.9bn to settle a money-laundering probe, with Standard Chartered getting a $327mn charge for violating US sanctions against Iran.

The fine against HSBC will include $1.25bn in forfeiture, as well as $655mn in civil penalties. In an attempt to cut costs and improve profitability, HSBC CEO Stuart Gulliver made the bank the matter for US probes and claims from UK clients. The lack of money-laundering controls at HSBC allowed terrorists and drug cartels access to the US financial system, according to Bloomberg.

The bank accepts responsibility for “past mistakes” and is “profoundly sorry for them,” Gulliver said.
Where exactly will the money ($2bn) go? To help America's health and education infrastructure? To helping feed, clothe and house the poor? To creating more and better jobs, etc...?

No comments:

Post a Comment

Thanks for visiting.

Please be considerate... no off-topic, racist, sexist or homophobic comments.

Comment moderation is on.

No anonymous comments will be accepted..