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In a 2010 interview with the Bloomberg News, Martin Woods, the former director of Wachovias anti-money-laundering unit in Londonremarked that Its the banks laundering money for the cartels that finances the tragedy If you dont see the correlation between the money laundering by banks and the 22,000 people killed in Mexico(2014 estimates exceed 100,000 rlr), youre missing the point. This connection becomes incredibly clear when we look to the connection of HSBC helping the Mexican cartels funnel hundreds of billions of dollars.
According to legal documents for the case filed in 2012, HSBC admitted that it failed to apply legally required money laundering controls to $60 trillion in wire transfers alone, in only a three year period, $670 billion of which came from Mexico. $60 trillionthat is approximately 85 percent the entire worlds GDP in 2012. In a settlement to put an end to the probe into their money laundering activities in late 2012, HSBC agreed to pay a fine of $1.9 billion. While HSBC may have been associated with the largest money laundering operation in U.S. banking history, it is by no means alone.
In 2010, Wachovia was sanctioned for failing to apply adequate money laundering controls on $378.4 billion in transfers originating from Mexico. Until HSBC was caught, it was the largest violation of the U.S. Bank Secrecy Actwhich according to the U.S. Treasury Department requires that U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering. However, under a deferred prosecution agreement, Wachovia only had to pay a $160 million fine for its role in laundering hundreds of billions of dollars. Jeffery Sloman, the federal prosecutor who handled the case remarked that Wachovias blatant disregard for our banking laws gave international cocaine cartels a virtual carte blanche to finance their operations.
Bank of America has also been connected to Mexican drug money, as accounts in Oklahoma City were used to buy planes to transport cocaine, according to a Bloomberg investigation. Additionally, in 2006, the Bank of America acknowledged that it had overseen the laundering of $3 billion originating from South America in a single Manhattan branch. While the monetary figure is comparatively small in relation to the scandals that HSBC and Wachovia would later involved in, when pressed as to why no indictments were sought against the bankers involved, Manhattan district attorney Robert M. Morgenthau simply remarked because we dont want to put banks out of business. This remark was later echoed by Justice Department prosecutor Lanny Breuer, who stated that Had the U.S. authorities decided to press criminal charges, HSBC would certainly have lost its banking license in the United States, the future of the institution would have been under threat, and the entire banking system would have been destabilized.
It has become very clear that banks such as HSBC, Wachovia, and the Bank of America are integral components of the drug trade, which operate with impunity. While El Chapo may deservedly so spend the rest of his life behind bars, there are many more in the financial sector who have similarly profited off of crime and should be there with him. Whistleblower Martin Wood highlights this connection stating thatThese are the proceeds of murder and misery in Mexico, and of drugs sold around the world. But no one goes to jail. What does the settlement do to fight the cartels? Nothing. It encourages the cartels and anyone who wants to make money by laundering their blood dollars. While pushing further on the topic of direct, multifaceted U.S. involvement in the international drug trade is a taboo subject, to ignore its role as a key source of profit for banks, prisons and the military is even more dangerous and costly.
The dumbest post ever from the dumbest poster on the board.
Wow! 85 percent of the World Economy, huh?
The GWP (Gross World Product) in 2012 was Seventy-One TRILLION Dollars.
$71,000,000,000,000 and 85% of that was drug money?
No wonder you're a dimocrap. Not only are you stupid, you're gullible
According to legal documents for the case filed in 2012, HSBC admitted that it failed to apply legally required money laundering controls to $60 trillion in wire transfers alone, in only a three year period, $670 billion of which came from Mexico. $60 trillionthat is approximately 85 percent the entire worlds GDP in 2012.
The dumbest post ever from the dumbest poster on the board.
Wow! 85 percent of the World Economy, huh?
The GWP (Gross World Product) in 2012 was Seventy-One TRILLION Dollars.
$71,000,000,000,000 and 85% of that was drug money?
No wonder you're a dimocrap. Not only are you stupid, you're gullible
Most dishonest headline ever. Nowhere does it show evidence that "$60 trillion in drug cartel money" was laundered through HSBC; the key words were "it failed to apply legally required money laundering controls to $60 trillion in wire transfers." In other words, whether or not someone was moving money in the ordinary course of business or laundering drug money, the amounts transferred were included. HSBC simply did not apply the proper controls to any of its transactions. It also implies that this is in some way related to GDP, but wire transfers do not equal production or income; the bulk of these wires are likely intracompany transfers and sweeps. There may well have been a significant amount of money laundering, but certainly not in the trillions, and the "article" has provided no evidence of the amounts.
The dumbest post ever from the dumbest poster on the board.
Wow! 85 percent of the World Economy, huh?
The GWP (Gross World Product) in 2012 was Seventy-One TRILLION Dollars.
$71,000,000,000,000 and 85% of that was drug money?
No wonder you're a dimocrap. Not only are you stupid, you're gullible
According to legal documents for the case filed in 2012, HSBC admitted that it failed to apply legally required money laundering controls to $60 trillion in wire transfers alone, in only a three year period, $670 billion of which came from Mexico. $60 trillion—that is approximately 85 percent the entire world’s GDP in 2012.
