HSBC has escaped charges of money laundering by US officials due to fears by the Department of Justice (DOJ) it might create a “global financial disaster”.
A US Congressional report shows that UK officials, including Chancellor George Osborne, used their clout to warn the US it could lead to market unrest.
According to the BBC, the report alleges the UK “hampered” the probe and “influenced” the outcome. HSBC was accused of letting drug cartels use US banks to launder funds.
HSBC paid a $1.92 billion settlement but no one, including top officials, faced criminal charges.
