(CBS News) As bank slogans go, they don’t come worse than this: “The preferred financial institution of drug cartels and money launderers.”
That’s a quote Tuesday in a U.S. Department of Justice report about HSBC Holdings, one of the largest banks in the world.
To avoid criminal prosecution, HSBC admitted Tuesday that it laundered more than $800 million for Mexican drug cartels, and covered up illegal transactions for Burma, Iran, Sudan, Cuba, and Libya.
Those nations were under banking sanctions because of human rights atrocities, terrorism, or — in Iran’s case — a nuclear program.
The British bank will pay $1.9 billion to the U.S. government, the largest such fine in history.
Read more at CBS News