Respectfully submitted by Lawrence E. Rafferty, (rafflaw) Weekend Contributor
British banking giant, HSBC reached an agreement in 2012 with the Department of Justice that kept it from being hauled in to court on criminal charges due to its systemic assistance in laundering money for drug cartels and allegedly terrorists. HSBC, with its Hong Kong headquarters shown above, is now in trouble again for alleged problems prior to the settlement agreement in 2012.
“The US Department of Justice is considering bringing criminal charges against HSBC and its executives as part of its investigation into whether the bank’s Swiss subsidiary helped US clients evade taxes.
Democratic senator Elizabeth Warren called on prosecutors to “come down hard” on HSBC if the bank is found to have colluded with tax evaders on Tuesday.
Her intervention came as US government officials with knowledge of the DoJ’s investigation provided the Guardian with new details about the inquiry.
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