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Govt outlines HSBC ties to drug money laundering
San Jose Mercury News ^ | 12/11/12

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 ...


TOPICS: Culture/Society
KEYWORDS: drugmoneylaundering; drugs; drugwar; hsbc; moneylaundering; warondrugs; wod; wodlist; wosd

1 posted on 12/11/2012 9:51:09 AM PST by Wolfie
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To: Wolfie

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.


2 posted on 12/11/2012 9:57:31 AM PST by jsanders2001
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To: jsanders2001

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.


3 posted on 12/11/2012 10:02:56 AM PST by Mr. Jeeves (CTRL-GALT-DELETE)
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To: jsanders2001

“When is the government going to cover THEIR OWN ties to illegal drug trafficking.”

They’re just mad they didn’t get their cut.


4 posted on 12/11/2012 10:07:57 AM PST by dljordan (Voltaire: "To find out who rules over you, simply find out who you are not allowed to criticize.")
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To: Liz

FYI ping

selective prosecution?


5 posted on 12/11/2012 10:19:05 AM PST by thouworm (.)
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To: Wolfie
Related article

… 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.

6 posted on 12/11/2012 11:18:20 AM PST by opentalk
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To: opentalk

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.


7 posted on 12/11/2012 11:34:25 AM PST by Wolfie
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To: Wolfie; opentalk; thouworm; AuntB; Tennessee Nana; TADSLOS
HSBC bank fined for drug-money laundering. Same thing w/ Wells Fargo few years ago. The banks willingly pay a fraction of drug-money profits via a fine, then keep the rest. Fededrales AND the Feds get their cut...nobody goes to jail....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.

8 posted on 12/12/2012 2:29:43 AM PST by Liz ("Come quickly, I'm tasting the stars," Dom Perignon)
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