17 Jul 2012

HSBC accused of helping drug cartels launder money

1:48 pm on 17 July 2012

A US Senate report has accused HSBC, one of Europe's biggest banks, of allowing Mexican drug cartels to launder money through its operations in the United States.

A Senate committee also accused some HSBC affiliates of skirting FEDERAL government bans on financial transactions with Iran and other countries.

The senators found that although the problem at HSBC had been known about for nearly a decade, no action had been taken.