DoJ dismisses HSBC criminal charges

The US Department of Justice (DoJ) has dismissed criminal charges against HSBC over money laundering and sanction breaches.

US prosecutors had deferred a criminal process against HSBC as part of a settlement reached in 2012.

It meant that the DoJ could have revisited a criminal case against HSBC had similar rule breaches been repeated.

Settlement

The 2012 settlement was related to the alleged laundering of around $881m for Mexican drug lords as well as completing transactions for countries subject to US sanctions, including Iran.

HSBC shares traded 1.9% higher in the London session.

The stock also appeared to receive support on Monday from expectations that the US Federal Reserve will raise interest rates at its Wednesday meeting.