REMINDER:
- The 2011 Global Commission on Drug Policy report criticized the US on the War on Drugs, declaring "The global war on drugs has failed, with devastating consequences for individuals and societies around the world."
- In 2009 United Nations High Commissioner for Crime Prevention opined that had the US government stopped money laundering for Latin cartels, the US banking system would have collapsed for insolvency. "Inter-bank loans were funded by money that originated from the drugs trade and other illegal activities... There were signs that some banks were rescued that way."
LINKS:
[1] Global banks are the financial services wing of the drug cartels, Guardian, UK, 21 July 2012
http://www.guardian.co.uk/world/2012/jul/21/drug-cartels-banks-hsbc-money-laundering
[2] On Drugs, Report of the Global Commission on Drug Policy, June 2011
http://www.globalcommissionondrugs.org/wp-content/themes/gcdp_v1/pdf/Global_Commission_Report_English.pdf
[3] How a big US bank laundered billions from Mexico's murderous drug gangs, Guardian UK, 3 April 2011
http://www.guardian.co.uk/world/2011/apr/03/us-bank-mexico-drug-gangs
[4] Wall Street Is Laundering Drug Money and Getting Away with It, Alternet, July 15, 2010
http://www.alternet.org/story/147564/wall_street_is_laundering_drug_money_and_getting_away_with_it
[5] Drug money saved banks in global crisis, claims UN advisor, Guardian, 13 December 2009
http://www.guardian.co.uk/global/2009/dec/13/drug-money-banks-saved-un-cfief-claims
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HSBC has admitted its money laundering controls have been too lax
HSBC to pay $1.9bn in US money laundering settlement
HSBC has confirmed it is to pay US authorities $1.9bn (£1.2bn) in a settlement over money laundering, the largest paid in such a case.
The UK-based bank was alleged to have helped launder money belonging to drug cartels and nations under US sanctions.
Earlier this year HSBC admitted having poor money laundering controls following a US Senate investigation.
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