McAlester News-Capital, McAlester, OK

Announcements

December 11, 2012

HSBC to settle money-laundering probe

HSBC to pay $1.9B to settle money-laundering probe

New York — HSBC, the British banking giant, said Tuesday it will pay $1.9 billion to settle a money-laundering probe by federal and state authorities in the United States.

The probe of the bank — Europe's largest by market value — has focused on the transfer of billions of dollars on behalf of nations like Iran, which are under international sanctions, and the transfer of money through the U.S. financial system from Mexican drug cartels.

Stuart Gulliver, Group Chief Executive of HSBC, released a statement Tuesday saying: "We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again."

A U.S. law enforcement official said Monday that HSBC will pay $1.25 billion in forfeiture and pay $655 million in civil penalties. The $1.25 billion figure is the largest forfeiture ever in a case involving a bank. Under what is known as a deferred prosecution agreement, the financial institution will be accused of violating the Bank Secrecy Act and the Trading With the Enemy Act.

The official spoke on condition of anonymity because the source was not authorized to speak about the matter on the record.

Under the deferred prosecution arrangement, HSBC will admit to certain misconduct, the official said, but the details of those admissions to be made in a New York court were not immediately available late Monday. Nevertheless, the deferred prosecution agreement means the bank won't be prosecuted further if it meets certain conditions, such as strengthening its internal controls to prevent money laundering. The Justice Department has used such arrangements often in cases involving large corporations, notably in settlements of foreign bribery charges.

In regard to HSBC and Mexico, a U.S. Senate investigative committee reported that in 2007 and 2008 HSBC Mexico sent to the United States about $7 billion in cash. The committee report said that large an amount of cash indicated illegal drug proceeds.

Text Only | Photo Reprints
Announcements
  • RICHARDSON 50 1.jpg Richardsons celebrate 50 years of marriage

    Haileyville High School graduates Jim and Connie Richardson, of rural Claremore, will celebrate their 50th wedding anniversary Saturday.

    April 15, 2014 2 Photos

  • Masonic Officers South McAlester Lodge 96 announces officers for 2014

    South McAlester Lodge 96 officers for 2014 are, from left, front row, Senior Warden Larry Ivy, Worshipful Master Chad Peery, Junior Warden Lance Hess, Senior Steward Christopher Hitchcock and Secretary Brian Engleman; and top row, Senior Deacon Matthew Box, Junior Steward Gregory Steidley, Chaplain Billy Erkin and Trustee Mike Sexton. Not pictured are Treasurer Jack Inman, Junior Deacon Jake Tannehill and Brent Yates.

    January 7, 2014 1 Photo

  • facebook.png Have teens really stopped using Facebook?

    In baseball, trend-spotting tends to be based on statistical analysis. In fashion, it's driven by runway shows. And when it comes to social networks, the ascendant paradigm for forecasting the future seems to center on first-person anecdotes and unsupported hearsay from random teen-agers.

    August 24, 2013 1 Photo

  • amazon Why you shouldn't trust Internet comments

    A new study suggests that such online scores don't always reveal the best choice. A massive controlled experiment of Web users finds that such ratings are highly susceptible to irrational "herd behavior" — and that the herd can be manipulated.

    August 23, 2013 1 Photo

  • Screen shot 2013-08-13 at 10.25.04 AM.png VIDEO: Timelapse shows Perseid meteor shower

    This CNN video, shot in Hawaii, shows dozens of meteors crossing the skies during the Perseid meteor shower.

    August 23, 2013 1 Photo

  • 0812-forged.jpg Man accused of forging divorce papers to fool new girlfriend's mom

    A Pennsylvania man is accused of forging a judge's signature on a divorce decree to fool the mother of his much-younger new girlfriend, according to court documents.

    August 22, 2013 1 Photo

  • RAV4Ext.jpg Cargazing: Toyota RAV4 gets more efficient, better looking

    If you're looking for a compact crossover these days, you've got plenty of options: the sporty kind, the luxury kind, the truck-like kind and the just plain funky kind. But what I'm checking out this week is the traditional kind. It's the 2013 Toyota RAV4, and it's the kind of middle-of-the-road crossover that's made this type of car so popular in recent years.

    August 22, 2013 2 Photos

  • AVIS12.jpg 'We try harder': The most brilliant ad slogan of the 20th century

    In 1962, Avis was in search of a new advertising campaign. So the ad agency Doyle Dane Bernbach decided to embrace Avis' second-place status as a sneaky way to tout the brand's customer service. "When you're only No. 2, you try harder," went the new tagline. "Or else."

    August 22, 2013 1 Photo

  • 0812-twins.jpg 8 sets of twins enrolled in school's kindergarten

    Sixteen tiny kindergartners sat on the slide at Pipe Creek Elementary in on their first day of school, waiting for a photographer to take their picture. Those 16 children are bound together by a common thread — they are all twins.

    August 16, 2013 1 Photo

  • iStock_000018389392XSmall.jpg 10 worst password ideas and tips for picking a better one

    Are your online passwords easily hackable? Measure yours up against this list of the 10 worst password ideas as outlined by Google Apps.

    August 16, 2013 1 Photo

Seasonal Content
AP Video
Gaza Residents Mourn Dead Amid Airstrikes Raw: Deadly Tornado Hits Virginia Campground Ohio State Marching Band Chief Fired After Probe Raw: Big Rig Stuck in Illinois Swamp Cumberbatch Brings 'Penguins' to Comic-Con Raw: Air Algerie Crash Site in Mali Power to Be Restored After Wash. Wildfire Crashed Air Algerie Plane Found in Mali Israel Mulls Ceasefire Amid Gaza Offensive In Case of Fire, Oxygen Masks for Pets Mobile App Gives Tour of Battle of Atlanta Sites Anti-violence Advocate Killed, but Not Silenced. Dempsey: Putin May Light Fire and Lose Control Arizona Prison Chief: Execution Wasn't Botched Calif. Police Investigate Peacock Shooting Death Raw: Protesters, Soldiers Clash in West Bank Police: Doctor Who Shot Gunman 'Saved Lives' 'Modern Family' Star on Gay Athletes Coming Out MN Twins Debut Beer Vending Machine DA: Pa. Doctor Fired Back at Hospital Gunman
NDN Video
What's Got Jack Black Freaking Out at Comic-Con? Doctors Remove 232 Teeth From Teen's Mouth Bradley Cooper Explains His Voice in 'Guardians of the Galaxy' Deja vu: Another NYPD officer choke-holding a suspect Chapter Two: Becoming a first-time director 'Fifty Shades of Grey': Watch the Super Sexy First Trailer Now! Reports: Ravens RB Ray Rice Suspended For 1st 2 Games Of The Season Air Algerie plane with 119 on board missing over Mali Diamond Stone, Malik Newman, Josh Jackson and others showcase talent Free Arturo - The World's Saddest Polar Bear A Look Back at Batman On Film Through The Years LeBron James -- Dropped $2k On Cupcake Apology ... Proceeds To Benefit Charity Snoop Dogg Says He Smoked Weed at the White House Raw: Fight Breaks Out in Ukraine Parliament Chris Pratt Interrupts Interview To French Braid Intern's Hair Shirtless Super Mario Balotelli Dances While Ironing - @TheBuzzeronFOX Whoa! Watch "Housewives" Star Do the Unthinkable LeBron apologizes to neighbors with cupcakes Justin Bieber In Calvin Klein Underwear Shoot Samsung Pre-Trolls The IPhone 6 With New Ad
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.