"Now: The U.S. government brings its highest profile case yet of international money laundering against one of the world's biggest banks.
For years, American officials have sought and sometimes struggled to crack down on the practices. Today, the Departments of Justice and Treasury announced a settlement with HSBC.
The bank agreed to pay almost $2 billion in fines and penalties. It was charged with violating sanctions laws by conducting business with customers in Iran, Sudan, and Cuba. It was also party to helping them launder almost $900 million for Mexican drug cartels."*
HSBC ignored over 17,000 internal compliance review notifications that said there might be an issue in account dealings; they knew they were working with cartels and suspected terrorists and did nothing about it, helping them funnel a trillions of dollars. As Cenk Uygur explains, HSBC got a slap on the wrist from the government, giving a clear sign to other big banks-- they can get away with anything.
*Read more from Judy Woodruff/ PBS Newshour:
http://www.pbs.org/newshour/bb/business/july-dec12/hsbc_12-11.html
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