Troubled bank to comply with U.S. directives
ALBANY The international bank accused of engaging in a $250 billion money laundering scheme with Iran says it is now reviewing its compliance with U.S. sanctions and cooperating with federal agencies.
London-based Standard Chartered Bank says it's also discussing its review with federal regulators.
New York Financial Services Superintendent Benjamin Lawsky signed an order Monday that requires the bank to answer Lawsky's questions following his investigation.
The order claims that for nearly seven years the bank worked with Iranian-government owned banks and other Iranian entities to hide 60,000 transactions worth $250 billion.
Rich clients pull money from Swiss accounts
GENEVA Swiss banks must lure affluent clients from emerging markets or face a “slow death” as the pursuit of tax dodgers by U.S. and European authorities results in outflows of assets.
Western Europeans may pull as much as 135 billion francs ($139 billion), or 15 percent of their holdings, from Swiss banks, said Herbert Hensle of Cap Gemini. Bank Sarasin & Cie. AG reported last week that private clients withdrew 3 billion francs from Swiss locations this year through June.
Switzerland built the world's biggest offshore wealth center during an era of “black money” that ended when the U.S. sued UBS AG three years ago. Many of the highest fee-generating European and American customers are withdrawing funds as the hunt for tax evaders widens.
Justice Dept. to probe HCA hospitals
HCA Holdings Inc. said Monday the Justice Department wants information about heart procedures performed at some of its locations.
The nation's biggest hospital operator – whose facilities include Grand Strand Regional Medical Center in Myrtle Beach – also said in an unusual posting on its website that The New York Times may soon run news stories on patient care at its hospitals. The Times refused comment to the Associated Press.
Shares of the Nashville, Tenn., company fell almost 6 percent in afternoon trading.
HCA said the civil division of the U.S. Attorney's office in Miami has asked for information about reviews that assess the medical necessity of some interventional cardiology services.
It also said the Justice Department has contacted HCA as part of a national review of whether charges to the federal government for implantable cardio-defibrillators met government criteria.
It said the Justice Department indicated it will review billing and medical records at 95 HCA hospitals. HCA runs 163 hospitals and 110 free-standing surgery centers.
From wire reports