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HSBC Report Should Result in Prosecutions, Not Just Fines, Say Critics

When a bank fails to prevent money laundering, should high-level employees be criminally liable? Jesse Singal reports.

articles/2012/07/18/hsbc-report-should-result-in-prosecutions-not-just-fines-say-critics/hsbc-senate-hearing-singal_aioj1n
Gary Cameron, Reuters / Landov

Tuesday’s Senate hearing on HSBC is likely to add fuel to a debate that cuts to the core of recent criticisms of Wall Street: When a bank is found to be shockingly noncompliant in preventing money-laundering, are monetary fines enough? Or should high-level employees be criminally liable?

For some advocates of...

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