U.S. Senate panel plans HSBC money laundering hearing

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Mon Jul 9, 2012 6:47pm BST

(Reuters) - A U.S. Senate panel investigating breakdowns in money laundering prevention at British bank HSBC Holdings Plc (HSBA.L) will detail the findings of its inquiry at a hearing on July 17.

The U.S. Senate Permanent Subcommittee on Investigations said in a scheduling announcement on Monday that a hearing will focus on how high-risk bank clients gained access to the U.S. banking system.

The panel has been investigating HSBC for months as part of an effort by the Senate panel to probe shadowy money flows. The title of the hearing is "Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing: HSBC Case History."

An HSBC spokesman was not immediately available for comment. The bank has said it is cooperating in the probe.

Reuters originally reported in January that the British bank was under Senate investigation.

(Reporting By Carrick Mollenkamp in New York, editing by Dan Wilchins and Andre Grenon)
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Comments (1)
ultimate wrote:
The US congress and its obsession with investigating and imposing fines on UK corporations,has become a nice little earner for the ‘good ole USofA’.In a country riddled with greed and materialism like no other,it would seem that US corporations somehow manage to keep their hands whiter than white.But oh silly me,i’m forgetting that imposing fines on US companies merely rearranges the money thats already there,whereas fines on UK corporations repatriates some of the profits that dare to leave its shores.

Jul 09, 2012 7:21pm BST  --  Report as abuse
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