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As opposite to the clean money banks like HSBC put in circulation right? Money is like genetics, follow the thread long enough and you'll find a rapist, a carte
by chaosbolt 4y ago
As opposite to the clean money banks like HSBC put in circulation right? Money is like genetics, follow the thread long enough and you'll find a rapist, a cartel drug lord, etc.
- kube-system 4y agoHSBC ain't a story about a bank moving dirty money without consequence. https://www.ice.gov/news/releases/hsbc-admits-anti-money-laundering-and-sanctions-violations-following-hsi-el-dorado https://www.ice.gov/news/releases/hsbc-admits-anti-money-lau...
- 55555 4y agoThat's not the whole story though. HSBC was literally founded so that the brits could bank the cash they were making by smuggling opium into China illegally. They're still net positive from banking drug money.
- kube-system 4y agoThat's more a story about sovereignty and not about AML evasion.
- calcifer 4y agoThe consequence by law was the revocation of their banking license. But because they are "too big to fail", they got away with a slap on the wrist instead.
- kube-system 4y agoThe appropriate degree of the consequence is debatable, I'm just saying, ~$2 billion of fines/penalties does not equal "clean".
- calcifer 4y agoThe fine was less than 20% of their annual income, for a crime committed over decades. Compared to what the law says, they got away completely clean. The punishment was barely more than a sternly worded letter.