“Even if the Silk Road charges of true – they would amount to only a fraction of the money laundering activities of HSBC Bank. HSBC set up an entire subsidiary firm with the specific intention of using it to launder the money of Mexican drug cartels. It spirited over $7bn of the stuff between 2001 and 2007. HSBC were found guilty on all charges – but no executives were arrested, none of the bank’s branches, operations or websites were closed down. In fact, HSBC were able to settle it all with a fine, paid by the company, worth just 14% of the profits the bank made in the same year.”
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