Tag Archives: United States

No Criminal Charges for Drug Money Laundering By Banks

Fact: HSBC, the British banking giant, laundered billions of dollars for Mexican and Colombian drug cartels and violated several major banking laws.

Fact: The Justice Department declined to press criminal charges.

Fact: The bank settled with the Justice Department to a fine of $1.9 billion, just a bit more than a month of the bank’s income. The executives who laundered the money will have to defer part of their bonus compensation for five years.

Source: Rolling Stone, Outrageous HSBC Settlement Proves the Drug War Is A Joke