Why no criminal charges in HSBC case?
Excellent report from tonight’s CBS national news broadcast.
(CBS News) As bank slogans go, they don’t come worse than this: “The preferred financial institution of drug cartels and money launderers.”
That’s a quote Tuesday in a U.S. Department of Justice report about HSBC Holdings, one of the largest banks in the world. To avoid criminal prosecution, HSBC admitted Tuesday that it laundered more than $800 million for Mexican drug cartels, and covered up illegal transactions for Burma, Iran, Sudan, Cuba, and Libya.
The British bank will pay $1.9 billion to the U.S. government, the largest such fine in history.