HSBC to pay $1.9billion to settle U.S money laundering penalties

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HSBC has confirmed it is to pay US authorities $1.9bn (£1.2bn) in a settlement over money laundering, the largest paid in such a case.

A US Senate investigation said the UK-based bank had been a conduit for “drug kingpins and rogue nations”.

Money laundering is the process of disguising the proceeds of crime so that the money cannot be linked to the wrongdoing. Click below for full story - 

 IMAGE: Alamy