Nonprofit finance, accounting, and tax news. Other tidbits of interest to the charity community.
Standard Chartered signed a consent decree with the New York Department of Financial Services on September 21. The signed agreement, which you can read here, acknowledges about $250 billion of wires in approximately 59,000 transactions were “repaired” with the intent of hiding whose money was involved. By way, there is a previous enforcement action Continue reading
The British bank has agreed to a $340 million penalty to settle allegations from New York state regulators that the bank was laundering money for their Iranian customers. The Wall Street Journal describes a settlement in their article Bank Settles Iran Money Case. This is one in a long string of settlements for money-laundering. The Continue reading
Reuters reports “Exclusive: HSBC might pay $1.8 billion money laundering fine – sources”. That’s up from the $1.5B they previously announced as a reserve. The article reports of leaks that a settlement could include a deferred prosecution agreement with the huge fine. It then discusses the difficulty prosecutors are having in deciding whether to pursue Continue reading
Barclays settled with US regulators over its role in the fiasco about manipulating Libor. I’ve mentioned that mess in my other blog. As a part of that settlement, they signed a deferred prosecution agreement. They were already on probation for an earlier deferred prosecution agreement for money laundering. A Wall Street Journal article, Corporate Continue reading
My previous post described the settlement by Standard Chartered bank with the New York state Department of Financial Services for $340 million over allegations of money-laundering. I also listed six other settlements I found in two Wall Street Journal articles here and here. $567M – 12-09 – Lloyds TSB Bank $536M – 12-09 – Continue reading
Rich Karlgaard from Forbes thinks so. In his article, Recovery Drag: The Age of Cheats, he surveys the moral rot in sports, quickly touches on the rot in business and our political system and concludes we are in an Age of Cheats. Is there something wrong in the sports world? Consider this: Sosa was a Continue reading