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HSBC Concludes $1.9 Billion Fine & 5-Year Deferred Prosecution for Mexican Cartel Money Laundering

HSBC Concludes $1.9 Billion Fine & 5-Year Deferred Prosecution for Mexican Cartel Money Laundering

HSBC five-year deferred prosecution agreement in 2012 with the United States Department of Justice has finally come to a close.  The prosecution agreement in 2012 arose from HSBC helping Mexican drug cartels launder money and breaching international sanctions by doing business with Iran.  The prosecution was a $1.9 billion fine and the bank entered into a five-year deferred prosecution agreement in 2012.

“ HSBC Completes $1.9 billion fine and 5-year deferred prosecution case for Mexican Cartel Money Laundering and doing business with Iran ”

The bank has successfully completed the sanctions and have setup anti-money laundering controls.  As a result of the measures and controls in place, the United States Department of Justice decide to end the deferred prosecution and lift any further possibilities of penalties.

Source: Telegraph, Reuters

 

About HSBC

HSBC is one of the world’s largest banking and financial services organisations. With around 6,000 offices in both established and emerging markets, we aim to be where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.

We serve more than 47 million customers through our four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. Our network covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America. Listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by about213,000 shareholders in 132 countries and territories.

Visit: HSBC

 

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