HSBC Free From Charges In US court

HSBC share price Group no longer faces prosecution threat in US

The deal was described by American officials at the time as a "sword of Damocles".

USA prosecutors in 2012 said that in February 2008, Mexican authorities told the CEO of HSBC's Mexico unit that a local drug lord referred to the bank as the "place to launder money".

Prosecutors also said at the time that the bank had enabled the transfer of hundreds of millions of dollars to countries facing USA sanctions, including Cuba and Iran.

In a deferred prosecution agreement a prosecutor grants an amnesty in exchange for the defendant agreeing to fulfil certain requirements, often including the payment of a fine and a pledge to avoid further bad behaviour.

HSBC said in 2012 it would take action to tighten and improve its policies against being used for money laundering.

The probe by the USA said the bank was the conduit for the rogue nations and drug kingpins.

No such filings related to HSBC had been made by late morning in NY.

As part of the agreement, the bank bolstered its financial crime controls and added staff members in a broad reshaping of its compliance structure.

"HSBC is pleased the Department of Justice has recognised HSBC's progress in strengthening its anti-money laundering and sanctions compliance capabilities over the past five years", the statement said. This arrangement will continue for some more period, the bank informed.

The DPA also arranged for the appointment of an independent compliance monitor who will make annual assessments of the effectiveness of the group's anti-money laundering and sanctions compliance programme under the direction of UK'S Financial Conduct Authority (FCA).

The deferred prosecution agreement was criticized by some observers when it was announced.

Following its signing of the DPA in 2012, HSBC embarked on a worldwide programme of upgrading its compliance systems to U.S. standards, raising its spending to more than US$1 billion a year.

That same year, French bank BNP Paribas agreed to plead guilty to criminal charges and pay an $8.9 billion penalty after it was accused of transferring billions of dollars on behalf of Sudan and other countries blacklisted by the United States.

Related News:



Most liked

Magnitude 6.2 quake strikes Kerman province
Officials said old houses were damaged in six villages, and classes at schools and universities were canceled. An quake measuring 6.2 on the Richter scale hit Iran's Kerman province on Tuesday.

CDC warns too few people have got the flu shot this year
Thousands of two and three-year-olds in Kent have not been immunised against flu, despite being eligible for a free vaccine. It takes roughly two weeks for the body to develop antibodies after the vaccine is administered, health officials say.

Olivier Giroud salvages late point for Arsenal at Southampton
Per Mertesacker had been restored to the line-up in place of the injured Shkodran Mustafi. Arsenal are fifth in the league and 14 points away from Manchester City at the summit.

Zionists and evangelists praise White House after Trump announcement on Jerusalem
The moment was quickly shared online, and prompted speculation about the 71-year-old president's health. He ended by saying what sounded like "and God bless the United Shtesh".

LaVar: Sons LiAngelo, LaMelo sign with agent
The famous patriarch of the family plans to have his two younger sons play together overseas. LaMelo Ball withdrew from Chino Hills (Calif.) High early in his junior season.

Oklahoma RB Rodney Anderson facing rape allegation
However, there are those accused of sexual assault which they unequivocally did not commit- as is the case for Mr. Anderson, a redshirt sophomore, is the Sooners' leading rusher with 960 yards, and he's racked up 11 touchdowns.

Overwatch Winter Wonderland is back
This enables Blizzard to keep the game running and profitable even as it gives away characters and maps at no additional charge. Like last year's Winter Wonderland , players can expect a chance to get a number of theme-appropriate legendary skins.

Brush fire breaks out in Los Angeles
Fixed-wing aircraft are unable to fly and gusts of up to 45 miles per hour are being felt, LAFD Chief Ralph Terrazas said. There is now a mandatory evacuation zone for residents on either side of the 405 freeway, map is below.

Woods finishes strong with final-round 68 at Hero
Rickie Fowler closed with a blistering 61 to finish at 18-under 270 for the weekend to claim the Hero World Challenge title. Fowler made birdies in a variety of ways Sunday, holing out from the bunker and draining long putts.

New Arizona State coach Herm Edwards seems unaware of school's nickname
In the end, it doesn't matter as long as his Sun Devils "play...to win...the game" and make some noise in the Pac-12. The move is still pending approval by the Arizona Board of Regents.

De Gea 'best in world' as United beat Arsenal 3-1
Mourinho added: "I told De Gea after the match, what I saw today was the best from a goalkeeper in the world". After impressing against Watford on Tuesday night, Mourinho stuck with the 24-year-old for the Emirates clash.

Hand Over the Wu-Tang Album
The album cannot be commercially released until 2103, although it can be released for free or played during listening parties. Notorious Pharma Bro Martin Shkreli is now locked up, awaiting sentencing on three felony accounts of security fraud.

Aaron Boone Reportedly Named Yankees Manager over Hensley Meulens
But Aaron Boone is getting the New York Yankees managing job as his first time job. This story was not subject to the approval of Major League Baseball or its clubs.

Flourishing Kohli-Vijay stand deflates Sri Lanka
Cheteshwar Pujara was the second man out, caught at leg slip for 23 after flicking a sliding delivery from paceman Lahiru Gamage. He also got stumped in a very similar manner to the same bowler to whom Vijay gave his wicket a few balls earlier.

Russian Federation accuses USA of 'provoking' North Korea
However, Lavrov said Russian Federation perceived the US move as "negative" and claimed sanction pressure on North Korea had been "exhausted".