HSBC avoids prosecution as US deal lapses

By AFP, London

US authorities are lifting the threat of prosecution against the British banking giant HSBC, five years after it admitted to widespread money laundering and sanctions violations, the bank said Monday.
In a landmark case, the bank agreed to pay a $1.9 billion in fines in 2012, after admitting it knowingly moved hundreds of millions for Mexican drug cartels and illegally served clients in Iran, Myanmar, Libya, Sudan and Cuba in violation of US sanctions.