Global banking giant HSBC says the US Department of Justice will ask a court to dismiss deferred criminal charges against it in recognition of its efforts to strengthen safeguards against money laundering.

The London-headquartered bank noted on Monday (11 December) that it has lived up to all of its commitments under a five-year deferred prosecution agreement that has now expired, and US authorities will file a motion to dismiss the charges deferred by that deal.

The move marks a significant step for the global bank, which signed the agreement to avoid charges for allegedly laundering millions of dollars from Mexican drug barons and countries facing US sanctions.

HSBC Chief Executive Stuart Gulliver says the bank is better able to fight financial crime "as the result of the significant reforms we have implemented over the last five years."