Skip to comments.Govt outlines HSBC ties to drug money laundering
Posted on 12/11/2012 9:50:59 AM PST by Wolfie
Govt outlines HSBC ties to drug money laundering
WASHINGTON (AP) British bank HSBC violated the Bank Secrecy Act in connection with the laundering of money from narcotics drug traffickers in Mexico and intentionally allowed prohibited transactions with Iran and other nations that have been under sanctions, the Justice Department alleged Tuesday.
In court papers filed in federal court in Brooklyn, the federal government said the case against HSBC is related to the laundering of proceeds from narcotics trafficking via the Black Market Peso Exchange a method by which money launderers convert cash narcotics dollars into Colombian pesos by buying and re-selling wholesale consumer goods.
(Excerpt) Read more at mercurynews.com ...
When is the government going to cover THEIR OWN ties to illegal drug trafficking. So far I know 4 individuals that have stated that they know of activities where our own government is involved. No this isn’t hearsay; this is people that were actually involved.
Chapo Guzman appears to be “our guy” - so nothing he does will be questioned. If the banks deal with his rivals, they get in trouble.
“When is the government going to cover THEIR OWN ties to illegal drug trafficking.”
They’re just mad they didn’t get their cut.
Between 2006 and 2010, HSBC ignored money-laundering risks associated with certain Mexican customers and allowed at least $881 million in drug trafficking proceeds, including proceeds from the Sinaloa Cartel in Mexico and the Norte del Valle Cartel in Colombia, to be laundered through the bank
No bank or bank executives have been indicted. Instead, prosecutors have used deferred prosecutions, under which criminal charges against a firm are set aside if it agrees to conditions such as paying fines and changing its behavior.
Same thing happened in the Wells Fargo case a few years ago. The bank pays a fraction of it’s drug-money profits in a fine, keeps the rest, the Feds get their cut...nobody goes to jail. It’s a tidy system, and EVERYBODY gets to profit from the illegal drug trade.
Man, I'd love to see the banks' wire transfers-----to see how much "friends of Mexico" pocketed---La Raza-USA and other members of the Mexican Fifth Column. Plus the politicians like the Austin crowd, the Cali crowd, and a whole bunch up on Capitol Hill.