http://www.aljazeera.com/business/2012/07/201272683513872418.html
HSBC, the Europe's largest bank is being fined $27.5 million dollars for alleged scathing US senate report slammed the banking giant for letting clients shift funds from dangerous countries. The British giant was accused of allowing drug cartels launder large amounts of money. The fine is the largest monetary consequence fine ever charged against a bank by the Mexico's National Banking Commission. The accusation came from the US senate and the Mexico's National Banking and Securities Commission was quick to fine the bank. The fines are separate from any fines or settlements that might occur between the US Department of Justice, which could be as high as one billion dollars. The bank has admitted to the charges and has released a statement saying "HSBC Mexico apologises for its failure strictly to comply with banking regulations, and acknowledges that in the past, it has sometimes failed to meet the standards that regulators and customers expect."
These illegal transactions is what can hurt the flow of economies and cause a little recession to the country. Mexico needs to be strict with their policies and stick with it or else they will never become a succeeding country and stay the way they are. In order for them to become a better country they need to stop being so corrupt with themselves and stop thinking selfishly. They need to begin thinking as a team instead of individuals trying to make massive amounts of money for once.
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