What was the biggest money laundering cases?

The Biggest Money Laundering Cases: From Wachovia to Danske Bank

  • Commerzbank (US$347 million)
  • Westpac Bank (US$11 billion)
  • Goldman Sachs (US$600 million)
  • Wachovia (US$390 billion)
  • Standard Chartered (US$265 billion)
  • Danske Bank (US$228 billion)
  • Nauru (US$70 billion)
  • BCCI (US$23 billion)

What consequences did HSBC face as a result of its ethical and illegal actions?

(Reuters) – HSBC Holdings Plc agreed to pay a record $1.92 billion in fines to U.S. authorities for allowing itself to be used to launder a river of drug money flowing out of Mexico and other banking lapses.

What happened to HSBC in 2012?

December 2012 HSBC pays $1.9bn (£1.3bn) and signs a deferred prosecution agreement with the US Department of Justice after it was found to have violated US sanctions and admitted its accounts were used to launder money for criminal networks, including $881m for Mexican drug cartels.

Who is the most famous money launderers?

If Al Capone is the most famous money launderer in American history, he owes much of what he earned, or stole, to Meyer Lansky, who was at one time was thought of as the accountant to the mob.

Who was the first person to money launder?

Meyer Lansky Through this determination he discovered the benefits of numbered Swiss bank accounts. He also developed one of the first money laundering techniques – the loan back concept – which meant that illegal money could be disguised by loans provided by compliant foreign banks.

How unethical is HSBC?

The most recent HSBC ethical scandal took place when the bank essentially allowed itself to be used to launder a river of drug money that was being fluctuated out of Mexico. This was the third time in the last decade that HSBC had been fined and penalized for lack of supervision.

Is HSBC a good bank?

HSBC and its Hang Seng Bank unit will set aside HK$15 million (US$2 million) between them to pay their 30,000 employees a ceremonial lai see on the eve of the Year of the Tiger in the lunar calendar, the first among Hong Kong’s banks to do so. Each HSBC

Is HSBC a private bank?

hsbc private bank, together with the private banking business of hsbc trinkaus & burkhardt ag (operating as hsbc trinkaus) known collectively as global private banking, provides services to wealthy people and their families through 96 offices in some 43 countries and territories in europe, the americas, the asia-pacific region, the middle east …

What is the maximum sentence for money laundering?

The maximum sentence for money laundering offences is 14 years in custody. There may also be fees and restrictions applied to how you live your life. There may also be sentencing for the crime committed to gain illegal money in the first place.

Why is it so hard to prove money laundering?

Investigators and prosecutors in such cases have a difficult time proving the recipient or accused laundering corporation has knowledge upon receipt of money that the money is illegal. There are several case examples in Scotland law, which demonstrate the inability of prosecutors to provide arguments depend on more than circumstantial evidenced.