Wednesday 13 December 2017

Law chief defends HSBC probe action

Attorney General nominee Loretta Lynch has defended her offices handling of a money-laundering investigation involving HSBC (AP)
Attorney General nominee Loretta Lynch has defended her offices handling of a money-laundering investigation involving HSBC (AP)

President Barack Obama's nominee for attorney general has defended her office's handling of a money-laundering investigation involving British bank HSBC.

In 2012 the bank agreed to pay 1.9 billion US dollars (£1.2 billion) to settle the investigation, in a deal sparing individual executives from prosecution.

Loretta Lynch, who is awaiting Senate confirmation as attorney general, is the top federal prosecutor for the Eastern District of New York, the office which handled the case.

Iowa Republican Senator Chuck Grassley, the Senate Judiciary Committee chairman, asked Ms Lynch a series of questions about the Justice Department's handling of the case, including the decision not to prosecute bank executives.

In written responses received by the committee today, Ms Lynch defended the deal and said it had produced consequences which are "perhaps the most stringent ever imposed on a financial institution".

Press Association

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