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Dec312012

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HSBC to Pay $1.92 Billion to Settle Charges of Money Laundering from Processing $700 Billion Dollars in Illegal Drug Money (Yes-700 Billion) 

 

 State and federal authorities decided against indicting HSBC in a money-laundering case over concerns that criminal charges could jeopardize one of the world’s largest banks and ultimately destabilize the global financial system.Instead, HSBC announced on Tuesday that it had agreed to a record $1.92 billion settlement with authorities.

The bank, which is based in Britain, faces accusations that it transferred billions of dollars for nations like Iran and enabled Mexican drug cartels to move money illegally through its American subsidiaries.

While the settlement with HSBC is a major victory for the government, the case raises questions about whether certain financial institutions, having grown so large and interconnected, are too big to indict.

 

This might be another reason Drugs will not be legalized in the U.S.  Can you imagine how much these Banks make from interest, fees, and transferring all this cash through the banking system, it far outweighs any settlement they paid and most importantly, no arrests.  

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  • Response
    Response: writing services
    People are constrain to transfer money in illegal way due to the interest of banking and also the money transferring fees. they break the laws to avoid paying the high defined interest and money transferring fee. this job makes the smugglers of money transfers. if the fee will reduce hope the ...

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