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    Club WC: Enrique motivates PSG to 'make history' after routing Real Madrid

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    Red Bull sack F1 team principal Christian Horner

    Stuart Broad labels Australia’s current top three 'the most muddled'

    Stuart Broad labels Australia’s current top three 'the most muddled'

    NZ opener Allen ruled out of Zimbabwe tri-series with foot injury

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    'We always planned on coming back… here we are again', says Kohli on attending Wimbledon match at Centre Court

    'We always planned on coming back… here we are again', says Kohli on attending Wimbledon match at Centre Court

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HSBC, StanChart’s shares plunge on reports of illicit fund movement

ENEWSTIME Desk by ENEWSTIME Desk
September 21, 2020
in Business
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Shares of HSBC and Standard Chartered in Hong Kong plummeted nearly 3 per cent on Monday morning after reports suggested that they along with other banks allegedly moved large sums of illicit funds for nearly two decades.

HSBC shares in Hong Kong fell as much as 4.4 per cet to HK$29.60 earlier in the day while Standard Chartered shares dropped 3.8 per cent to HK$35.80 per share.

According to reports based on leaked suspicious activity reports (SARs) filed by banks and other financial firms with the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), both HSBC and Standard Chartered allegedly moved suspicious funds despite red flags.

The FinCEN files are more than 2,500 documents, most of which were files that banks sent to the US authorities between 2000 and 2017.

These documents are some of the international banking system’s most closely guarded secrets. Banks use them to report suspicious behaviour but they are not proof of wrongdoing or crime.

The Asian stock markets on Monday traded on a mixed note with Hong Kong’s Hang Seng index down 0.6 per cent.

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