Money laundering: The turn of the screw

Money laundering: The turn of the screw

Bonds Structured Finance Mexico

By Ivan Castano December 11, 2012 is a date that HSBC shareholders are unlikely to forget soon. That day, the bank agreed to pay a record $1.92 billion to settle US government fines and forfeitures for money laundering. It was the largest US penalty ever imposed on a bank. It followed a US Senate investigation which had revealed in July that the bank had transferred $7 billion from Mexican drug cartels – as well as more funds from nations penalized by US sanctions, most notably Iran – into the US. The result of the fine has been a scramble by Latin American banks to strengthen their money laundering safeguards. "If LatAm bank controls were not up to date then, you can bet they

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