HSBC stock at lowest since 1995 on money laundering allegations

Topics HSBC | Money laundering

HSBC's share price fell to its lowest level since 1995, following allegations of money laundering and fears of another lockdown in Europe.

Several banks also fell in trade in London on these allegations which hurt markets globally. UK shares were down sharply amid fears of further Covid-related restrictions.

BBC reported that in 2013 and 2014, the banks allowed fraudsters to transfer millions around the world, even after it had learned of their scams, leaked secret files show.

HSBC says it has always met its legal duties on reporting such activity.

On Monday in Hong Kong, the shares fell more than 5.3 per cent to close at HK$29.30. In London, they fell by a similar amount.

BBC said leaked documents from the US Financial Crimes Enforcement Network (FinCEN), involving about $2tn of transactions, have revealed how some of the world's biggest banks have allowed criminals to move dirty money around the world.

The report said shares in rival banks named in the papers have also been hit. At lunchtime, Standard Chartered and Barclays were down by 5 per cent and 6 per cent, respectively, while Germany's Deutsche Bank was down by 8 per cent.

--IANS

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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