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However, while many current and former senior employees supported the tradition of promoting the chief executive to chairman, many shareholders instead pushed for an external candidate. safeguards to block transactions involving terrorists, drug lords and rogue regimes, including hiding $19.4 billion in transactions with Iran.In 2005, Bloomberg Markets magazine accused HSBC of money-laundering for drug dealers and state sponsors of terrorism. Assistant Attorney General Lanny Breuer characterised HSBC compliance during this period as "stunning failures of oversight – and worse ...Then-CEO Stephen Green said that "This was a singular and wholly irresponsible attack on the bank's international compliance procedures", but subsequent investigation indicated that it was accurate and proved that the bank was involved in money laundering for the Sinaloa Cartel and throughout Mexico. The record of dysfunction that prevailed at HSBC for many years was astonishing." In March 2009, HSBC announced that it would shut down the branch network of its HSBC Finance arm in the U.On 6 October 1989, it was renamed by the Legislative Council, by an amendment to its governing ordinance originally made in 1929, "The Hongkong and Shanghai Banking Corporation Limited", and became registered as a regulated bank with the then Banking Commissioner of the Government of Hong Kong.