HSBC sets aside $2 billion to cover anticipated fines and costs for laundered money |
| Pittsburgh Tribune-Review - Jul 30, 2012 |
HSBC Holdings Plc, the London-based international bank accused of helping terrorists, drug lords and criminals launder money through secret bank accounts through lax compliance, on Monday set aside $2 billion toward anticipated costs of fines and repayments.
The figure includes $700 million for expected U.S. fines from the Department of Justice. A Senate committee report alleged that HSBC’s lax compliance helped make it possible for Mexican drug lords to launder truckloads of cash worth $7 billion a year and for terrorists to thwart U.S. sanctions against Iran through the use of secret bank accounts.
“It is right that we be held accountable and I apologize for our past shortcomings,” HSBC Chief Executive Officer Stuart Gulliver said Monday in a prepared statement as part of its 2012 interim financial results.
In a related financial report, HSBC said the $700 million figure for U.S. penalties is “a best estimate.”
“There is a high degree of uncertainty in making this estimate, and it is possible that the amounts when finally determined would be higher, possibly significantly higher,” HSBC said.
Read Full Article from Pittsburgh Tribune-Review
- Posted: 2012-07-30 18:04:36
| More Stock Investor Place Company News |
 |
|
|
|
| Stock Investor Place Company News Archive |
|
|
|
