HSBC says United States will dismiss criminal charges against it

HSBC says United States will dismiss criminal charges against it

The deal — which came four years after the 2008 collapse of Lehman Bros. almost brought down the financial system — was criticized at the time, raising concerns about whether some banks had grown too big to face criminal indictment.

U.S. prosecutors in 2012 said that in February 2008, Mexican authorities told the CEO of HSBC's Mexico unit that a local drug lord referred to the bank as the "place to launder money". In a subsequent report by Congress, HSBC was said to be "too big to jail" after George Osborne, chancellor at that time, intervened to warn U.S. officials against a criminal prosecution of the bank.

HSBC said that the DPA it signed was now expired. The bank also paid United States authorities a record $1.9bn (£1.42bn) settlement.

"We are committed to doing our part to protect the integrity of the global financial system, and further improvements to our own capability and contributions toward the partnerships we have established with governments in this area will remain a top priority for the Bank into 2018 and beyond".

HSBC said it has lived up to its commitments under the five-year deal signed in December 2012, under which it pledged to strengthen its sanctions and anti-money laundering controls.

The New York Times reports that filings related to dismissing the charges lingering over HSBC had not been made by late morning in New York. HSBC is working to ensure that the reforms it has put in place are both effective and sustainable over the long-term, and, given the increasing sophistication of criminal networks that seek to circumvent banks' controls, HSBC intends for its programme to evolve and improve further over time.

However, HSBC warned in its last annual report that the independent monitor appointed by the DoJ to assess its anti-money laundering and sanction compliance programme had "expressed significant concerns" about the pace of HSBC's attempts to clean up its act in its latest report.

The bank paid authorities in the US more than $1.9 billion in a settlement.

In 2014, Credit Suisse became the first bank of its size and significance to plead guilty to criminal wrongdoing in more than two decades.

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