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U.S. appeals court blocks release of HSBC money laundering report
July 12, 2017 / 2:06 PM / 5 months ago

U.S. appeals court blocks release of HSBC money laundering report

NEW YORK, July 12 (Reuters) - A U.S. appeals court on Wednesday said a court-appointed monitor’s report on progress by HSBC Holdings Plc in improving its money laundering controls should remain under seal, reversing a judge’s order that it be made public.

The 2nd U.S. Circuit Court of Appeals in Manhattan said U.S. District Judge John Gleeson, who has since left the bench, abused his discretion in ordering the report’s release.

Wednesday’s decision is a victory for HSBC and the U.S. government, which have said releasing the report could compromise efforts to fight money laundering.

The monitor was appointed after HSBC reached a 2012 deferred prosecution agreement and agreed to pay a $1.92 billion fine.

Reporting by Jonathan Stempel in New York; Editing by Bernadette Baum

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