HSBC in $1.9 billion U.S. money-laundering settlement
Banking giant HSBC has agreed to pay $1.9 billion to settle
money-laundering charges, Radio Liberty reported.
U.S. investigators had been probing the British-based bank -- one
of the five biggest in the world -- over allegations it transferred
billions of dollars for Iran, despite international sanctions, and
transferred money from Mexican drug cartels through the U.S.
financial system to legitimize the funds.
In a statement, group chief executive Stuart Gulliver said, "We
accept responsibility for our past mistakes."
He added that the bank would "continue to work closely with
governments and regulators around the world."
The news follows the announcement of a similar settlement with
another British-based bank, Standard Chartered, which will pay more
than $300 million in fines for violating U.S. sanctions.
Reports by the Associated Press and "The Wall Street Journal" say
HSBC would forfeit more than $1.2 billion under a deferred
prosecution arrangement and also pay penalties of more than $650
million.
Under the deferred prosecution arrangement, HSBC would admit to
wrongdoing but would not be persecuted further if it meets
conditions.
An official announcement is expected as early as December 11.
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