Second British Bank Violating Iran
Sanctions
The United States and the state of New York are expected
to announce on Tuesday a record $1.9 billion settlement with the London-based
HSBC. The bank was facing accusations that it transferred billions of dollars
for nations like Iran and enabled Mexican drug cartels to move money illegally
through its American subsidiaries. (New York Times, 10 December)
HSBC becomes the second major British bank to settle cases
of violating U.S. laws related to Iran sanctions and other money laundering
activities. Earlier today, the authorities won a $327 million settlement from
Standard Chartered.
Photo
credit: HSBC Headquarters in London. (Facundo Arrizabalaga/European Pressphoto
Agency/NYTimes)
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