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HSBC pays huge fine over money-laundering allegations
- $1.9B the amount UK-based banking conglomerate HSBC will pay American authorities for their role in a money-laundering scheme, the BBC reports. The bank allegedly assisted drug cartels and countries under sanction launder money. $1.25 billion of the total is money that the company will forfeit — a record — while the rest will be a fine paid to the U.S. government. source
Elizabeth Warren: I’ll just say here, if you’re caught with an ounce of cocaine, the chances are good you’re going to go to jail. If it happens repeatedly, you may go to jail for the rest of your life. But evidently if you launder nearly a billion dollars for drug cartels and violate our international sanctions, your company pays a fine and you go home and sleep in your own bed at night. I think that’s fundamentally wrong.