January 29 2016
HSBC will have to air its dirty-money laundry.
A Brooklyn federal judge ruled Thursday that the public has the right to see a sealed report that HSBC fought tooth and nail to keep private that details the bank’s failures to catch and prevent money laundering, among other violations.
The 250-page report was prepared by an outside bank monitor as part of HSBC’s settlement with the Justice Department in 2012 over money laundering for Mexican drug cartels.
The DOJ, as well as the monitor who prepared the report, former prosecutor Michael Cherkasky, had also opposed making it public.