|Chennai||Rs. 24020.00 (-0.17%)|
|Mumbai||Rs. 25020.00 (0.28%)|
|Delhi||Rs. 24450.00 (0%)|
|Kolkata||Rs. 24600.00 (-0.32%)|
|Kerala||Rs. 24050.00 (0%)|
|Bangalore||Rs. 24160.00 (-0.17%)|
|Hyderabad||Rs. 24030.00 (-0.12%)|
The British banking giant HSBC, which has been slapped with a record 1.9 billion dollars fine by US regulators for money laundering, will no arrests within the firm, according to a report.
To avoid criminal prosecution, HSBC admitted that it laundered more than 800 million dollars 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 a nuclear program.
According to CBS News, it's a case that has everything-everything accept an arrest.
That struck some as odd, because in 80 pages of court documents, the bank admits to almost going out of its way to act as a financial clearing house for international pariahs and drug dealers, the report said.
According to the report, some would say that the message is, if you break all the laws you can, until you get caught, you may have to pay a lot of money, but you are not going to go to jail.
U.S Attorney Lynch, who is one of the architects of Tuesday's settlement, however, disputed that idea.
"That's a very short-sighted view, I think, because in this case they're obviously paying a great deal of money, but they also have to literally had to turn their company inside out. And the message should be that that's what you have to do," the report quoted him, as saying.
As for the lack of criminal prosecutions, the US authorities have said that they never found one bank official, or any collection of bank officials acting together, that were doing this on purpose, the report said
They painted a picture of a disorganized bank that was collecting all these fees either not knowing, or not wanting to know where it all came from, it added. (ANI)