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Assoc of Certified Financial Crime Specialists Logo

DOJ used double standard in lenient settlement with HSBC compared to ‘hammering' of Mexican banks

ACFCS today reported that the controversial soft treatment the DOJ showed toward HSBC in resolving a decade-long crime binge starkly contrasts with the harsh criminal action it leveled against three Mexican banks in a case called Operation Casablanca

PRLog - Dec. 14, 2012 - Miami, Florida -- The full story posted by ACFCS.org follows. Persons wishing to review the content of ACFCS.org may log in using the following complimentary username: courtesybk12 and password: kindle54.  

Soft US treatment of UK’s HSBC differs sharply from
indictment of 3 big Mexican banks in ‘Operation Casablanca’

In era of terrorist funding worries, US gave HSBC, which had strong Iran ties,
a ‘too big to jail’ card, but pushed Mexican banks to guilty plea


The US government's lenient treatment of HSBC for its 10-year crime binge involving thousands of prohibited transactions with Iranian institutions and murderous Mexican drug cartels has caused an outcry in many quarters, including entities that usually disagree vigorously, like the New York Times and Fox News.

What may add fuel to the fire is to recall how the lenient United States global settlement with the huge UK-based institution differs so dramatically from the hammering the same US agencies, including the Department of Justice, inflicted on three Mexican banks in 1998.

In June that year, a case called “Operation Casablanca” erupted into public view after a 30-month US Customs Service undercover operation in Los Angeles. The undertaking targeted Mexican banks and bankers. It used only disguised government money and no real criminal proceeds in the undercover transactions. The total "laundered" reached a low eight-figure sum.

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Contact Email:
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Source:ACFCS
Phone:305-854-2345
Zip:33131
City/Town:Miami - Florida - United States
Industry:Financial services
Tags:aml, bsa, compliance, fraud, money laundering, doj, hsbc, sanctions
Shortcut:prlog.org/12043589
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