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In 2001, a U.K. financial watchdog said 15 lenders showed “significant control weaknesses” in handling $1.3 billion linked to him and his associates. Bank employees traded the British pound just before executing big transactions for the clients in a way aimed at moving the currency in a direction that would benefit HSBC and hurt the clients, according to U.S. prosecutors. HSBC is paying a total of $101.5 million to end a criminal case in the United States in which the bank stood accused of using currency trades to … HSBC “is also suspected in the laundering of proceeds of corruption involving more than 50 other Nigerians.” The Nigerian government is facing intense criticism of …

Related: Deutsche Bank fined for $10 billion Russian money-laundering scheme. The former head of foreign exchange cash trading at HSBC faces up to 20 years in federal prison.
HSBC (HSEB) bankers executed trades in a way that drove up costs for two big corporate clients, according to the Justice Department.

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“With the incoming election everybody is on edge and any analysis that is used to sway negative public opinion will be squashed as quickly as possible,” said Michael Famoroti, an economist at Lagos-based Vetiva Capital Management Ltd. “It’s possible the government is right in its claim but it completely missed the point because the issue HSBC raised had nothing to do with criminal or non-criminal activity. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. HSBC expects to pay $1.5 billion in tax evasion, money laundering fines.

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HSBC expects to pay $1.5 billion in tax evasion, money laundering fines 14 Aug 2018 HSBC has set aside $632 million to settle a number of investigations into allegations of tax evasion and other crimes such as money laundering, but expects the amount could go up to $1.5bn… Updates with global investigations in penultimate paragraph. Morningstar: © 2019 Morningstar, Inc. All Rights Reserved.


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