HSBC’s record $1.9bn fine preferable to prosecution, US authorities insist

December 12, 2012

The Guardian, 12/11/2012

120px-20_Dollars_art3U.S. authorities defended their decision not to prosecute HSBC for accepting the tainted money of rogue states and drug lords on Tuesday, insisting that a $1.9bn fine for a litany of offences was preferable to the “collateral consequences” of taking the bank to court.

The bank processed cash for Mexico‘s Sinaloa cartel, regarded as the most powerful and deadly drug gang in the world, among others. At least $881m in drug trafficking money was laundered throughout HSBC accounts. In order to handle the “staggering amounts of cash”, the bank even widened the windows at some branches to allow tellers to accept larger boxes of money.

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