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HSBC's lax controls allowed Mexican drug cartels to launder money

WASHINGTON — Europe's largest bank had lax controls that allowed Mexican drug cartels to launder billions of dollars through its U.S. operations for seven years, a Senate investigation found.

The Senate Permanent Subcommittee on Investigations extensive report on HSBC Holdings PLC also says U.S. regulators knew that the bank had a poor system to detect problems but failed to take action.


I should think that most of the other large banks are involved in laundering drugs cash as well.

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