** People rescuing an injured passenger from inside a passenger bus hit by a truck on Dhaka-Mawa Expressway in Shologhar area of Shreenagar upazila in Munshiganj on Thursday. ** Motorcycles allowed on Padma Bridge after 10 months ** Commuters charge extra fare, passengers disappointed ** 78 people killed in Yemen stampede ** Moon sighting committee meets today to ascertain Eid day ** 9 killed in road accidents in 3 districts ** US announces new $325 m military aid package for Ukraine ** Eid-ul-Fitr in Saudi Arabia today ** Eid exodus begins ** LPG price cut illusive ** 15 hurt as bus overturns in capital ** New interbank cheque clearing timings set for Eid holidays ** Four women hit by a train die in Tangail ** 12.28 lakh SIM users left Dhaka on Tuesday ** Sylhet engineer threatened over power outage ** People rush to village homes to spend Eid holidays with their near and dear ones. This photo was taken from Sadarghat Launch Terminal on Tuesday. NN photo ** Surge in cases of dehydration, diarrhoea amid summer heat wave ** Padma Bridge construction cost increases by Tk 2,412cr ** PM gives Tk 90m to Bangabazar fire victims ** Textile workers block highway demanding wage, Eid bonus ** Attack on PM's motorcade Ex-BNP MP, 3 others get life term ** Load-shedding increases for demand of electricity during heat wave ** Motorbikes to be allowed on Padma bridge from Thursday ** 5-day Eid vacation begins from today ** Take Nangalkot train accident as a warning about negligence of govt functionaries **

US quashed prosecution of HSBC for laundering: Lawmakers

13 July 2016 AFP, Washington

The US attorney general quashed staff proposals to prosecute banking giant HSBC over money laundering in 2012 because of worries about the global financial system, a congressional report said Monday.
While the US did eventually fine the British bank $1.92 billion for intentionally breaking US sanctions in doing business with Iran, Libya, Sudan, Cuba and Myanmar, it could have prosecuted HSBC criminally for "blatant" violations of US laws, the report said.
Entitled "Too Big to Jail", the report from the House of Representatives Financial Services Committee alleges that the London-based banking giant, ranked seventh in the world by Forbes, got off easily from the Department of Justice under then-attorney general Eric Holder.
The bank had been accused of allowing notorious drug traffickers and officials and organizations of regimes blacklisted by the US government to launder money through it.
Holder overruled an internal Department of Justice recommendation to prosecute the bank and bank officials "because of DOJ leadership's concern that prosecuting the bank would have serious adverse consequences on the financial system," the report said.
Instead, the bank negotiated a settlement which included a five-year "deferred prosecution agreement" (DPA) that required it to pay a $1.92 billion fine and undertake organizational reforms that would ensure it does not repeat the offenses.
The shift to a deferred prosecution deal, the report said, came after pressure from Britain's finance minister, George Osborne, who warned in a September 2012 letter that prosecuting such a large bank could pose "very serious implications for financial and economic stability, particularly in Europe and Asia."
The report, mainly critical of the US justice and treasury departments in the case, also said that HSBC had been able to negotiate the agreement to soften its impact on the bank and bank management.

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