HSBC’s dirty laundry
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HSBC is the latest bank to fall foul of a government sting, with a US Senate enquiry finding it was responsible for a multi-billion dollar money laundering scheme. HSBC coordinated the scheme through its US divisions, and moved money through Mexico, Bangladesh, Saudi Arabia, and Iran. The bank is now bracing itself for a fine – but is that an adequate solution to a wider problem in the banking sector?
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