Matt taibbi_ after laundering $800 million in drug money, how did hsbc executives avoid jail_ _ democracy now!

JUAN GONZÁLEZ: Well, let’s go on to HSBC. Money laundering control act The banking giant has escaped indictment for laundering billions of dollars for Mexican drug cartels and groups linked to al-Qaeda. Uk anti money laundering legislation The bank reportedly supplied a billion dollars to a firm whose founder had ties to al-Qaeda and shipped billions in cash from Mexico to the United States despite warnings the money was coming from drug cartels. What does money laundering accomplish Earlier this year, a Senate investigation concluded that HSBC provided a, quote, “gateway for terrorists to gain access to U.S. Money laundering laws uk dollars and the U.S. Money laundering documents financial system.”

Despite evidence of wrongdoing, the Justice Department has allowed the bank to avoid prosecution and pay a $1.9 billion fine. Certification in anti money laundering No top HSBC officials will face charges. Money laundering examples uk While it’s reportedly the largest penalty ever paid by a bank, the deal has come under wide criticism. Anti money laundering organizations Officials reportedly agreed to seek the fine over concerns that criminal charges would have hurt the global financial system.

LORETTA LYNCH: We are here today to announce the filing of criminal charges against HSBC Bank, both its U.S. What is trade based money laundering entity, HSBC U.S., and the parent HSBC group, for its sustained and systemic failure to guard against the corruption of our financial system by drug traffickers and other criminals and for evading U.S. Anti money laundering legislation uk sanctions law. Best money laundering schemes HSBC, as you know, is one of the largest financial institutions in the world, with affiliates and personnel spanning the globe. Anti money laundering association Yet during the relevant time periods, they failed to comply with the legal requirements incumbent on all U.S. Money laundering red flags financial institutions to have in place compliance mechanisms and safeguards to guard against being used for money laundering.

HSBC has admitted its guilt to the four-count information filed today, which sets forth two violations of the Bank Secrecy Act, a violation of the International Emergency Economic Powers Act, or IEEPA, and violation of the Trading with the Enemy Act. What is money laundering yahoo As part of its resolution of these charges, HSBC has agreed to forfeit $1.256 billion, the largest forfeiture amount ever by a financial institution for a compliance failure.

Meanwhile, HSBC Group Chief Executive Stuart Gulliver said in a statement, quote, “We accept responsibility for our past mistakes.


Meaning of anti money laundering We have said we are profoundly sorry for them.” He added the bank had, quote, “taken extensive and concerted steps to put in place the highest standards for the future.”

News of HSBC’s fine comes as three low-level traders were arrested in London as part of an international investigation into 16 international banks accused of rigging a key global interest rate used in contracts worth trillions of dollars. Money laundering how to The London Interbank Offered Rate, known as Libor, is the average interest rate at which banks can borrow from each other. Money laundering regulations 2003 Some analysts say it defines the cost of money. Money laundering reporting officer The benchmark rate sets the borrowing costs of everything from mortgages to student loans to credit card accounts.

Well, for more on the latest bank scandals, we’re joined by Matt Taibbi, contributing editor for Rolling Stone magazine. Money laundering hong kong His latest book is Griftopia: A Story of Bankers, Politicians, and the Most Audacious Power Grab in American History.

MATT TAIBBI: Exactly, exactly. Money laundering definition law And what’s amazing about that is that’s Forbes saying that. Global anti money laundering I mean, universally, the reaction, even in—among the financial press, which is normally very bank-friendly and gives all these guys the benefit of the doubt, the reaction is, is “What do you have to do to get a criminal indictment?” What HSBC has now admitted to is, more or less, the worst behavior that a bank can possibly be guilty of. Charity money laundering You know, they violated the Trading with the Enemy Act, the Bank Secrecy Act. Malaysia money laundering And we’re talking about massive amounts of money. Concept of money laundering It was $9 billion that they failed to supervise properly. Money laundering examples These crimes were so obvious that apparently the cartels in Mexico specifically designed boxes to put cash in so that they would fit through the windows of HSBC teller windows. Money laundering how much cash can i accept So, it was so out in the open, these crimes, and there’s going to be no criminal prosecution whatsoever, which is incredible.

JUAN GONZÁLEZ: And emails found where bank officials were instructing officials in Iran and in some other countries at how best to hide their efforts to move money into their system?

MATT TAIBBI: Exactly, yeah, and that’s true at HSBC, and apparently we have a very similar scandal involving another British bank, Standard Chartered, which also paid an enormous fine recently for laundering money for—through Iran. Money laundering scams This, again, comes on the heels of the Libor scandal, which has already caught up two major British banks—the Royal Bank of Scotland and Barclays. Money laundering insurance So, you have essentially all of the major British banks now are inveigled in these enormous scandals. Mafia money laundering We have a couple of arrests, you know, today involving low-level people in the Libor thing, but it doesn’t look like any major players are going to be indicted criminally for any of this.

JUAN GONZÁLEZ: And this whole argument that the bank is too big to indict because of the threat to the world financial system, most people don’t know that HSBC stands for Hong Kong and Shanghai Banking Corporation. Bangladesh money laundering It’s a British bank that goes back to the early days of British colonialism in Asia.

MATT TAIBBI: The amazing thing about that rationale is that it’s exactly the opposite of the truth. Money laundering definition pdf The message that this sends to everybody, when banks commit crimes and nobody is punished for it, is that you can do it again. What is the money laundering You know, if there’s no criminal penalty for committing even the most obvious kinds of crimes, that tells everybody, investors all over the world, that the banking system is inherently unsafe. Money laundering laws in pakistan And so, the message is, this is not a move to preserve the banking system at all. Anti money laundering law In fact, it’s incredibly destructive. Money laundering in banking sector It undermines the entire world confidence in the banking system. Money laundering how it works It’s an incredible decision that, again, is met with surprise even with—by people in the financial community.

AMY GOODMAN: On Tuesday, Thomas Curry, head of the Office of the Comptroller of the Currency, the lead regulator for HSBC in the U.S., defended the settlement.

THOMAS CURRY: These actions send a strong message to the bank and to the financial services industry to make compliance with the law a priority to safeguard their institutions from being misused in ways that threaten American lives.

AMY GOODMAN: That’s Thomas Curry, head of the Office of the Comptroller of the Currency. Money laundering in uk It seems like a lot of people who are in prison right now—low-level thieves, criminals, drug launderers, people who have been accused of working with al-Qaeda—perhaps could appeal their convictions now and get out of jail.

MATT TAIBBI: Right. Fight against money laundering Right, yeah, exactly. Fincen money laundering I was in court yesterday, in criminal court in Brooklyn. Anty money laundering I saw somebody come out of—come into court who had just been overnight in jail for walking from one subway car to another in front of a policeman. Money laundering regulations You can do real time in jail in America for all kinds of ridiculous offenses, for taking up two subway seats in New York City, if you fall asleep in the subway. Online money laundering People go to jail for that all the time in this country, for having a marijuana stem in your pocket. Money laundering definition and examples There are 50,000 marijuana possession cases in New York City alone every year. What is money laundering in urdu And here we have a bank that laundered $800 million of drug money, and they can’t find a way to put anybody in jail for that. Money laundering risk That sends an incredible message not just to the financial sector but to everybody. Ctr money laundering It’s an obvious, clear double standard, where one set of people gets to break the rules as much as they want and another set of people can’t break any rules at all without going to jail. Money laundering fines And I just don’t see how they don’t see this problem.

ASSISTANT ATTORNEY GENERAL LANNY BREUER: From 2006 to 2010, the Sinaloa cartel in Mexico, the Norte del Valle cartel in Colombia and other drug traffickers laundered at least $881 million in illegal narcotics trafficking proceeds through HSBC Bank USA. Report money laundering These traffickers didn’t have to try very hard. Examples of money laundering activities They would sometimes deposit hundreds of thousands of dollars in cash in a single day into a single account, using boxes, as Loretta said, designed to fit the precise dimensions of the tellers’ windows in HSBC’s Mexico branches.

MATT TAIBBI: And this fits in the—in with the pattern of the entire financial crisis. Stages in money laundering $1.9 billion sounds like a lot of money, and it definitely is. Anti money laundering training material It’s a record settlement. Money laundering fees No bank has ever paid this much money before. Money laundering companies But it’s about two months’ worth of profits for HSBC. Money laundering reporting It’s not going to cripple this bank. Examples of money laundering It’s not even going to hurt them that badly for this year. Money laundering hsbc It fits in line with the Goldman Sachs settlement in the Abacas case, which was hailed at the time as a record settlement. Money laundering fatf It was $575 million. About money laundering But that was about 1/20th of what they got just through the AIG bailout. Money laundering investigation So, this is not a lot of money for these people. Risk of money laundering It sounds like a lot of money to the layperson, but for the crimes they committed, getting away with just money—and it’s not even their own money, it’s not their personal money, it’s the shareholders’ money—it’s incredible. Anti money laundering india It really—it literally is a get-out-of-jail-free card.

MATT TAIBBI: You know, I think—I’ve asked myself that question numerous times. Money laundering effects I really believe—and I think a lot of people believe this—that the Obama administration sincerely accepts the rationale that to aggressively prosecute crimes committed by this small group of too-big-to-fail banks would undermine confidence in the global financial system and that they therefore have to give them a pass on all sorts of things, because we are teetering on the edge of a problem, and if any one of them were to fall out, it would cause a domino effect of losses and catastrophes like the Lehman Brothers business. What does laundering money mean And I think they’re genuinely afraid of that. Purpose of money laundering And so, that’s the only legitimate explanation that you can possibly assign to this situation, because, as we know, Wall Street abandoned the Obama administration this year when it came to funding in the election. Is money laundering illegal They heavily supported Mitt Romney and didn’t give Obama much money at all.

AMY GOODMAN: We have to break, and when we come back, we’re going to ask you more about Libor and also your piece, “Jim DeMint,” who’s stepping down in the Senate, “The Fireman Ed of Politics,” you write. Money laundering in the uk We’re talking to Matt Taibbi, contributing editor for Rolling Stone magazine. Miami money laundering Then Peter Coyote joins us in studio to talk about the case of Leonard Peltier, in prison for 37 years. Money laundering certification Stay with us.