British bank HSBC will pay a record fine of $1.9 billion to settle charges of money-laundering, it was widely reported on Monday. The settlement stems from accusations that the bank used the U.S. financial system to carry out billion-dollar transfers for sanctioned countries like Iran and drug cartels in Mexico. HSBC is just the latest multinational bank to be punished for helping Iran. On Monday, Standard Chartered, Britain's second-largest bank, agreed to pay $327 million to settle charges of doing business on behalf of Iranian clients.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- The U.S. is about to sell weapons to Vietnam. That's bad news for China.
- Why is the Pentagon stuffing caves in Norway full of tanks?
- What the Middle Ages can tell us about the GOP's big charity myth
- An open letter to #brands about Gamergate
- Did the media get Ferguson wrong?
- The most sensible GOP alternative to ObamaCare comes from a Senate candidate who is almost sure to lose
- 43 TV shows to watch in 2014
- Gamergate has backfired spectacularly on its nincompoop perpetrators
- How to be the most productive person in your office — and still get home by 5:30 p.m.
- 10 things you need to know today: October 23, 2014
Subscribe to the Week