| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy


Finfacts changes from 2015

RSS FEED


How to use our RSS feed

Follow Finfacts on Twitter

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Global Cost of Living

Irish Tax - Income/Corporate

 

Feedback

 

Content Management by interactivetools.com.

News : US Economy Last Updated: Feb 10, 2015 - 5:26 AM


US fines ex-British Empire banks HSBC and Standard Chartered $2.5bn for money laundering
By Finfacts Team
Dec 11, 2012 - 8:08 AM

Email this article
 Printer friendly page

Standard Chartered headquarters, Kuala Lumpur.
HSBC and Standard Chartered, the two biggest UK banks by market value, which both have their antecedents in the colonies of the British Empire, are to pay more than $2.5bn in fines as part of record settlements with US authorities over money laundering allegations. The Hongkong and Shanghai Banking Corporation Limited was founded in 1865 in Hong Kong with offices in Shanghai and London and an agency in San Francisco. Standard Chartered Bank, was formed through the merger in 1969 of former British colonial banks - - The Chartered Bank of India, Australia and China, and Standard Bank of British South Africa.

US authorities are expected to announce as early as Tuesday a $1.9bn settlement with HSBC Holdings PLC to settle allegations the bank for years ignored red flags about money laundering and allowed itself to be used by money launderers in Mexico and terrorist financiers in the Middle East.

According to reports, the figure includes nearly $1.3bn in forfeiture as part of a deferred prosecution agreement, which officials said was a record amount for a bank. The settlement would resolve multiple investigations conducted by Justice Department, the Treasury Department and other federal agencies, as well as the Manhattan district attorney.

HSBC confirmed the U.S. settlement, saying it expected reach a similar agreement with UK authorities soon.

Stuart Gulliver, CEO, said: "We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again. The HSBC of today is a fundamentally different organization from the one that made those mistakes."

July 2012: US Senate report says HSBC Bank exposed US financial system to money laundering, drug trafficking, and terrorist financing risks

Feb 2007: Global bank HSBC burnt by slowing US housing market; Percentage of HSBC mortgages more than 60 days past due is climbing - - Finfacts reports on the first news of the US subprime crisis

Standard Chartered agreed on Monday to pay $327m to US regulatory authorities to settle allegations it violated US sanctions law and impeded government inquiries. That sum comes on top of the $340m the UK bank agreed to pay in August to New York state’s Department of Financial Services.

The bank, the fifth-biggest U.K. bank by assets, was accused of illegally scheming over a decade to move some billions of dollars through the US system, money that the regulators say was in breach of embargoes against Iran.

Aug 2012:

Standard Chartered Bank hid $250bn worth of illegal Iranian transactions; Scheme "apparently aided" by Deloitte & Touche

Standard Chartered Bank rejects being cast as a “rogue institution”

Related Articles


© Copyright 2015 by Finfacts.ie

Top of Page

US Economy
Latest Headlines
US jobs rose by 215,000 in July; Unemployment rate stable at 5.3%
US economy grew at weak pace in Q2 2015 - Worst expansion since 1945
Decoupling of per capita GDP, productivity, private employment, and median family income in America
US economy stumbles again in 2015
Income gap highest in 30 years; No inequality rise in best-paying US firms
Fed minutes raise doubts about fragility of US recovery
Senate Democrats block trade deal authority for Obama
Five firms held 25% of top US non-financial companies cash pile in 2014
US added 223,000 jobs in April; Broad jobless rate at 10.8%
Investment struggles as dividends/ share buybacks at top US firms to exceed $1tn in 2015
US economic growth plunged in Q1 2015
Why the Fed may (almost) never raise interest rates
US jobless rate falls to 5.5%; Broad rate at 11%; Participation rate at 1978 level
US added 257,000 jobs in January; Broad jobless rate at 11.3%
US economy will soon see best years in a decade
US annualised GDP slowed sharply in final quarter 2014
US budget deficit to fall to 2.6% of GDP in 2015
US added 252,000 jobs in December; Jobless rate falls to 5.6%
US adds 321,000 jobs in November; Private sector adds 10.9m jobs in 57 months of growth
US manufacturing slowed in November
US retail spending over Thanksgiving weekend fell 11%
US consumer spending weak in October; Business investment fell again
US third-quarter GDP revised up to 3.9% annualised rate
After destroying banking secrecy US helps Swiss exporters
US oil imports from OPEC cartel at 30-year low
Tax-inverted "Irish" firm Actavis agrees to buy US Botox maker Allergan
US nonfarm payroll employment rose 214,000 in October' Jobless @ 6-year low
Swiss bankers await fallout of US tax evasion acquittal
Two PMI reports give contrasting trends on US manufacturing
US GDP increased at annualised 3.5% in third quarter of 2014
US city home price growth slowed again in August; Consumer confidence rebounded in September
US new orders for manufactured durable goods fell again in September
Loans to buy US shares at record highs
Global markets slide; US industrial production best in 3 years & jobless claims in 14-year low
US federal budget deficit dips to 2.9% of GDP in fiscal year 2014
US added 248,000 jobs in September; Jobless rate falls to 5.9%
US set to become world’s leading liquid petroleum producer again
Obama issues new rules to combat tax inversions
US Securities and Exchange Commission to pay $30m award to foreign whistleblower
Typical American household income in 2013 was below the 1989 level