G
Guns Guns Guns
Guest
HSBC Holdings set aside a further $800 million connected to a money-laundering investigation in the United States as the bank’s net profit halved in the third quarter of the year.
The bank, which is based in London, said it had made the new provision to cover potential fines, settlements and other expenses related to the money-laundering inquiry as the firm continued to negotiate with U.S. authorities.
In total, HSBC has now earmarked a combined $1.5 billion for expenses related to the case.
The announcement follows a U.S. government report earlier this year that accused HSBC of helping clients to illegally bring money into the U.S. that was linked to drug trafficking activities and from Middle Eastern banks with ties to terrorists.
http://dealbook.nytimes.com/2012/11...ra-800-million-for-u-s-money-laundering-case/