{"id":59243,"date":"2015-06-08T12:00:36","date_gmt":"2015-06-08T11:00:36","guid":{"rendered":"https:\/\/www.transcend.org\/tms\/?p=59243"},"modified":"2015-06-07T12:48:59","modified_gmt":"2015-06-07T11:48:59","slug":"hsbc-pays-out-28m-over-money-laundering-claims","status":"publish","type":"post","link":"https:\/\/www.transcend.org\/tms\/2015\/06\/hsbc-pays-out-28m-over-money-laundering-claims\/","title":{"rendered":"HSBC Pays Out \u00a328m over Money-Laundering Claims"},"content":{"rendered":"

Geneva prosecutor agrees to close investigation into HSBC in return for the financial settlement.<\/em><\/p>\n

\"The<\/a>

The penalty is the biggest ever imposed by the Geneva authorities. Photograph: Harold Cunningham\/Getty<\/p><\/div>\n

4 Jun 2015 – <\/em>HSBC<\/a> has been ordered to pay a record 40m Swiss francs (\u00a328m) (US$43m) (\u20ac38m) and been given a final warning by the Geneva authorities for \u201corganisational deficiencies\u201d which allowed money laundering to take place in the bank\u2019s Swiss subsidiary.<\/p>\n

The settlement means the Swiss will not prosecute HSBC or publish the findings of their investigation into alleged aggravated money laundering. But Geneva\u2019s chief prosecutor, Olivier Jornot, cautioned that the bank was on notice, saying: \u201cThis is an excuse which will only apply once.\u201d<\/p>\n

Announcing the biggest financial penalty ever imposed by the Geneva authorities, Jornot launched a stinging attack on his own country\u2019s financial laws, adding his voice to a growing a number of Swiss politicians and campaigners calling for reform of the country\u2019s secretive banking system.<\/p>\n

How the story came to light \u2013 video:<\/p>\n