HSBC Faces Criminal Charges in Argentina
British banking juggernaut HSBC, which was recently derided by U.S. lawmakers as “Too Big To Jail” after a settlement deal was reached regarding exposed money laundering practices, is now facing fresh allegations of criminal activity by Argentinian authorities. Argentinian tax chief Ricardo Echegaray, in a public statement about the investigation, said that an Argentinian subsidiary of the bank was found to have helped its clients illegally evade over $100 million in taxes, in addition to participating in other money laundering activities connected to criminal enterprises. Official charges were filed against the bank’s local subsidiary in February, following a six month…
HSBC Settlement Case Raises Legal Hackles
In December, U.S. Federal Authorities stirred controversy for having reached a financial settlement deal with British bank HSBC, allowing the bank to avoid criminal prosecution for taking part in money laundering operations for Latin American drug cartels, suspected terrorist networks and rogue states such as Iran. As a means to avoid prosecution, the bank agreed to pay $1.9 billion in fines, after having reached the arrangement with the Department of Justice. However regardless of their agreement and written arguments by both federal prosecutors and HSBC filed in January arguing in favor of the deal , U.S. District Court Judge John…
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