HSBC judge requests justification for approving $1.9 billion drug money-laundering settlement

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HSBC judge requests justification for approving $1.9 billion drug money-laundering settlement

HSBC judge requests justification for approving $1.9 billion drug money-laundering settlement

Hope the judge asks the DOJ if any conflict of interest exist since many of these Bankers have conflicts with top justice officials.


Bloomberg-

HSBC Holdings Plc (HSBA) and U.S. prosecutors were asked by a judge to submit a brief giving reasons he should approve the bank’s $1.9 billion settlement of money-laundering charges over drug cartel-related transfers.

“My suggestion is you present to the court a document that demonstrates why I should accept the agreement,” U.S. District Judge John Gleeson said today at a court hearing in Brooklyn, New York. “There’s been some publicized criticism of this. I think you should feel free to address it.”

The U.S. Justice Department said this month that the London-based bank agreed to pay a $1.25 billion forfeiture and $665 million in civil penalties to settle money-laundering charges. The government alleged the London-based bank failed to monitor more than $670 billion in wire transfers and more than $9.4 billion in purchases of U.S. dollars from HSBC Mexico.

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