By Jack Burns
When a bank is found guilty of doing business in countries where they’re not supposed to be, and when the same bank is found guilty of helping drug cartels launder money, shouldn’t the public have a right to know about the bank’s efforts at correcting such actions? That’s the question being raised with respect to HSBC’s 1.92 billion dollar settlement with the U.S. and oral arguments are taking place in federal court this week on whether or not the compliance report should stay sealed.
The bank lost in court in 2012 when it was discovered they had business dealings in, “Cuba, Iran, Libya, Sudan and Burma, racking up violations of the Bank Secrecy Act, the International Emergency Economic Powers Act and the Trading With the Enemy Act,” according to CNS. The bank’s executives, who knew full well what the bank was doing, were given deferred prosecution agreements, so long as the bank, going forward, would reform its business practices and comply with the law.
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