hsbc gets small fine for terrorist transactions
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A major U.S. bank has agreed to a settlement for transferring funds on the behalf of
financiers for the militant group Hezbollah, the Treasury Department announced on
Tuesday.
Concluding that HSBC's actions "were not the result of willful or reckless conduct,"
Treasury's Office of Foreign Assets Control accepted a $32,400 settlement from the
bank . Treasury noted, as did HSBC in a statement to HuffPost, that the violations
were voluntarily reported.
Everett Stern, a former HSBC compliance officer who complained to his supervisors
about the Hezbollah-linked transactions told HuffPost he was "ecstatic and de ressed
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at the same time."
"Those are my transactions, I reported them," he said, satisfied that the government
was taking action. But, he added, "Where I am upset was those were a handful of
transactions, and I saw hundreds of m illions of dollars" being transferred.
Stern said he hopes the government's enforcement actions against HSBC have not
come to an end with the latest settlement. "They admit to financing terrorism and
they get fined $32,000. Where if I were to do that, I would go to jail for life," he said.
HSBC's fine is less than the $40,165.07 covered in the settlement agreement that the
bank transferred between December 2010 and April 2011 on behalf of a development
company that Treasury says serves as a front for some of Hezbollah's biggest
financiers in Africa.
And the government watchdog's claim that HSBC com mitted no "substantially
similar apparent violations" in the past five years is likely to raise some eyebrows. I n
December 2012, the bank agreed to pay a $1.9 billion settlement for moving money that a 2012 Senate report found had likely helped drug cartels and a Saudi Arabian
bank the CI A has linked to al Qaeda.
No one at HSBC was criminally charged for what U.S. Assistant Attorney General
Lanny Breuer called at the time "stunning failures of oversight." The Senate report
faulted the Office of the Comptroller of the Currency, an independent bureau with the
Treasury Department, for weak oversight of HSBC.
A Treasury spokesman told HuffPost in an email that the Tuesday settlement "isunrelated to the bank’s December 2012 agreement with OFAC and other federal and
state government agencies, and does not involve the same pattern of conduct. This
action is similar to other settlements OFAC has reached with regard to apparent
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. . .
HSBC spokesman Rob Sherman declined to comment on the similarities between the
bank's earlier, much larger fine and the one announced on Tuesday. But he said the
bank "took appropriate remedial action and we now have a more robust compliance
program in place."
Sherman declined to respond to Stern's claims about larger transactions, stating in an
email that he had "No comment on matters related to current or former employees."
This article has been updated to include comment from a Treasury spokesman and
from form er HSBC compliance officer Everett Stern.
CORRECTION: An earlier version of this article mistakenly stated that a 2012
Senate report on HSBC faulted the Office of Foreign Assets Control for weak
oversight of the bank, when in fact that report faulted the Office of the Comptroller
of the Currency.
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Highlighted Most Recent Oldest Most Faved
Heidi H. (heididh)SUPER USER · 194 Fans
Affluenza strikes again!20 DEC 6:04 AM
REPLY FAVE MORE
Norma Todd (toddnjean)SUPER USER · 344 Fans
To big to fine too large but let that be some average Joe and they would lose
everything they owned.
19 DEC 8:56 AM
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Pablito Garcia (Pablito_Garcia) 3
246 Fans
The only thing that is amazing here is that the US thinks it's personal biases against
the democratically elected Hezbollah should be reflected in a totally NON-CRIMINAL
banking transaction.
There's SO many reasons to object to the banks (mostly the big ones)...but this is
NOT one of them.19 DEC 5:33 AM
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AtlantaBlue
133 Fans
Amazing that nobody has gone to jail. $32K is lunch money to HSBC. Great job, AG
Holder.19 DEC 5:02 AM
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Peterson M. (onePERSONoneVOTE) 2860 Fans · We The People
The untouchables.18 DEC 5:57 PM
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James J. (youngandthinking)SUPER USER · 1,500 Fans · Hi
2nd strike,. 3rd and they should face heavy consequences18 DEC 5:35 PM
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Rip Barqfart (OutAtFirst) 3
964 Fans · Mountain goat, desert rat and sea dog
Well OK, but at least we've got the NSA busy spying on Brazilian oil companies and
the Chancellor of Germany.18 DEC 5:21 PM
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Richard F. (rfinkels) 6
SUPER USER · 321 Fans
I guess the bank is another victim of Affluenza requiring diminished responsibility.18 DEC 2:04 PM
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Pablito Garcia (Pablito_Garcia)246 Fans
What's irresponsible is the idea that America's personal biases should prevent a
democratically elected government from conducting banking transactions.19 DEC 5:34 AM
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JJ Coker (Jj_Coker) 4
SUPER USER · 402 Fans · Weltschmerz
"Failure of oversight", the new term for the government sanction criminal activities
of the banks. Seems these corporate entities are able to commit all these crimes
without people being involved. I wonder how they do that.
18 DEC 1:34 PM
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