Financial Transparency Coalition

WASHINGTON, DC – Global Financial Integrity today called for regulators to follow-through with prosecutions for any illegal anti-money laundering lapses at HSBC Holdings Plc.

WASHINGTON, DC – The Financial Accountability and Corporate Transparency (FACT) Coalition welcomed news that the U.S. Department of the Treasury will be leading a government task force to review the nation’s antiquated anti-money laundering regulations. The FACT Coalition—an alliance of more than 60 prominent anti-corruption, transparency, small business, and global development groups—originally called on the Treasury Department in September 2011 to undertake such a review.

Two pieces of pretty good news about anti-money laundering enforcement came out of HSBC this week. You might recall that earlier this year, a U.S. Senate investigation uncovered incredibly lax money laundering enforcement at the bank, including close ties to organized crime.

Following Several, Recent, High-Profile Cases Against International Banks for Violating U.S. Sanctions Against Iran, the Iranian Rial Lost 60% of its Value against the U.S. Dollar Last Week. Could There Be A Connection?