Categories: FinanceNews

DoJ Dedicates Resources To Keep HSBC’s Money Laundering Report From The Public

Over the past few years, there has been a lot of talk about how bitcoin is used for money laundering purposes. A sit turns out, cryptocurrency is not suited for this type of illegal activity. Large banks are actively helping cartels launder money, yet very few people seem to be aware of this situation. A lot of experts are concerned about the scope of HSBC’s money laundering settlement.

HSBC Was In League With Cartels And Criminals

When the news regarding HSBC’s involvement in money laundering practices for criminal cartels broke a lot of people shrugged it off. That is quite strange, considering the megabank agreed to a settlement with the government for US$1.92bn to get rid of the investigation altogether. However, there will be a hearing in federal court this week regarding whether or not the compliance report should remain hidden from the public.

This whole story dates back to 2012, when HSBC lost a court appeal after the bank was found guilty of having business ties to Cuba, Iran, Libya and other countries. Due to these suspicious dealings, the bank violated the Bank Secrecy Act, the International Emergency Economic Powers Act and the Trading With The Enemy Act. All of these charges are quite severe. Moreover, there is no reason for a US bank to deal with entities in any of these countries, as there are forbidden by law to do so.

During the investigation, HSBC was forced to admit they violated US sanctions. Moreover, they did nothing to prevent Mexican and Columbian cartels for laundering money through the bank. It is evident the bank executives had to be aware of this situation up to a certain extent. All of the violations and their precise details were put together in a compliance report. For some reason, this report was never revealed to the public.

Related Post

It is in the best interest of HSBC to keep this information private. In fact, they are being aided by the Department of Justice, by the look of things. According to the DoJ’s lawyer, releasing this report would “make it harder for the federal government to enforce the deferred prosecution agreement”. Moreover, the lawyer feels HSBC would be “less cooperative going forward” if this report is released. Neither of these reasons are valid grounds to not make the information public, though.

Considering how the federal government wants to keep reports involving national banks facilitating cartel money laundering private, it is doubtful a judge would rule against the government. Then again, it is hard to predict what will happen. The longer it takes for the court to come to a decision, the better things play out for HSBC. After all, the bank has nothing to gain from the report being made public and they will continue to stall as long as possible if push comes to shove.

Even though HSBC plead guilty to these charges, their US$1.92bn settlement is nothing more than a slap on the wrist. This number equals to less than one full week of business earnings for the bank, which goes to show the punishment is far too lenient. Moreover, no one from HSBC has been arrested or put behind bars for their involvement in the cartel money laundering schemes. It is evident the governments and banks are colluding to keep their shady dealings as far away from the public as possible.

If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Best Altcoins to Invest in Today: Qubetics Sets the Stage for Blockchain’s Future as Bitcoin Hits $108K and Litecoin Soars

The cryptocurrency world has always been a hotbed of innovation, attracting both seasoned investors and…

4 hours ago

Dogecoin Millionaire Predicts This Undervalued Altcoin Could Match DOGE’s 2021 Gains

Dogecoin's 2021 rally was a historic one, turning ordinary investors into overnight millionaires. This magnificent…

5 hours ago

Qubetics Presale Skyrockets to $7.5M as XRP and Arbitrum Lead Best Altcoins for Exponential Returns

The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…

5 hours ago

Over 300K Users Actively Mine Crypto On BlockDAG’s X1 Miner App While BNB Bulls Eye $3K; What’s XRP’s Price Target?

The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…

6 hours ago

Best Crypto Presale To Buy Now: Rollblock Delivers For Holders With New License, Record Sign Ups and 7000+ Games

Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…

9 hours ago

Polkadot And Uniswap Gearing For Post-Christmas Jump As Rollblock Raises $7.4 Million in Presale

While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…

10 hours ago