Two U.S. senators who have partnered over the years to toughen the country's money laundering laws have issued conflicting statements on the appropriateness of the $1.92 billion settlement U.S. law enforcement agencies entered into with HSBC over the British bank's anti-money laundering failures and sanctions violations.
During the 2000s, HSBC's failure to properly screen its transactions allowed drug cartels to launder at least $881 million and permitted sanctioned entities in Iran and elsewhere to move money around the world.
On Tuesday, shortly after the settlement was announced, Senator Carl Levin, a Michigan Democrat who chairs the Senate Permanent Subcommittee on Investigations -- and was the driving force being a scathing report on HSBC issued in July -- issued a statement suggesting the settlement "shows the value of congressional oversight in exposing wrongdoing."
"The HSBC settlement sends a powerful wake-up call to multinational banks about the consequences of disregarding
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