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Author: desertdaveataol Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 455592  
Subject: British banking giant HSBC will pay Date: 12/11/2012 10:21 AM
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HSBC to pay record £1.2bn for helping Mexican drug cartels launder money

The investigation has focused on transfer of billions of dollars on behalf of countries under international sanctions

U.S. Senate committee reported bank transferred $7billion (£4.3billion) in cash from Mexico to U.S in 2007 and 2008

British banking giant HSBC will pay £1.2billion ($1.9billion) to settle a money-laundering probe by federal and state authorities in the United States, a law enforcement official said on Monday.

The probe of the bank - Europe’s largest by market value - has focused on the transfer of billions of dollars on behalf of nations like Iran and North Korea, which are under international sanctions, and the transfer of money through the U.S. financial system from Mexican drug cartels.

According to the official, HSBC will pay £777million ($1.25billion) in forfeiture and pay £407million ($655million) in civil penalties.

Read more: http://www.dailymail.co.uk/news/article-2246215/HSBC-pay-1-2...
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