US Senate report says HSBC handled terrorist, drug money

Posted at Jul 17 2012 07:20 PM | Updated as of Jul 18 2012 03:20 AM

A US Senate committee report says British banking giant HSBC failed to prevent billions of dollars worth of money transfers that were allegedly linked to drug cartels and terrorist groups.

CNN reports HSBC issued a statement saying it complies with the law, but admitted in the past it failed to meet standards that regulators and customers have come to expect. ANC Top Story, July 17, 2012