[seen in Dubai, November 2014]
HSBC 'sorry' for aiding Mexican drugs lords, rogue states and terrorists
Lawmakers hammered the British-based bank over the scandal, demanding to know how and why its affiliates had exposed it to the proceeds of drug trafficking and terrorist financing in a "pervasively polluted" culture that persisted for years. "
HSBC has confirmed it is to pay US authorities $1.9bn (£1.2bn) in a settlement over money laundering, the largest paid in such a case.
A US Senate investigation said the UK-based bank had been a conduit for "drug kingpins and rogue nations".
LAST month, HSBC admitted in court pleadings that it had allowed big Mexican and Colombian drug cartels to launder at least $881 million.
The bank also admitted to using various schemes to move hundreds of millions of dollars to nations subject to trade sanctions, including Iran, Cuba and Sudan, in violation of the Trading With the Enemy Act.
“On at least one occasion,” according to a statement by Assistant Attorney General Lanny A. Breuer, “HSBC instructed a bank in Iran on how to format payment messages so that the transactions would not be blocked or rejected by the United States.” "
HSBC has admitted its laundering role, and evaded criminal prosecution by paying a fine of almost $2 billion.
The lack of imprisonment of any bankers involved is indicative of the hypocritical nature of the drug war; an individual selling a few grams of drugs can face decades in prison, while a group of people that tacitly allow -- and profit from -- the trade of tons, escape incarceration. "
Horribly tone deaf advertising or veiled offer to terrorists and rogue nations? You decide.