HSBC to face US lawmakers over money laundering charges
Barclays is not the only bank in the spotlight for fraud charges at the moment, as HSBC is set to face US lawmakers following a money laundering, drugs and terrorist financing probe. HSBC is set to "acknowledge AND apologise" to a US Senate hearing on July 17th for its failure to spot money laundering within the bank. According to a leaked memo, the bank will say that is failed to have the appropriate systems and controls in places in order to prevent the possibility of financing terrorism and other criminal activities through money laundering over the period from 2004 to 2010. In the memo HSBC's CEO Stuart Gulliver said "it is right that we are held accountable and that we take responsibility for fixing what went wrong." Analysts predict that the hearing -- titled - "Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing: HSBC Case History" -- could result in a $1bn fine. This case is the latest in a line of probes that have shown banks, such as ING, to pay a penalty for falsifying records and shifting billions of dollars through the US financial system for Iranian and Cuban companies which breach sanctions. Written and Presented by Lianna Brinded.
If you want to add your voice and contribute to this existing news event, use the event code
(Event Code: @12838038), that you will find on each news event page, as the first word of the
SMS or MMS message followed by a space then add your contribution (text, image or video). For example:
@12838038 This is an amazing video of Greg Norman hitting a hole-in-one in Sydney, Australia.
The first word of the message should be @12838038 (event code), to make sure the system attaches
your voice to the right news event.