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The Boston Globe

Business

HSBC to settle laundering case for $1.9b

NEW YORK — State and federal authorities decided against indicting HSBC in a money laundering case over concerns that criminal charges could jeopardize one of the world’s largest banks and ultimately destabilize the global financial system.

Instead, authorities are expected to disclose Tuesday a record $1.9 billion settlement with the British bank, according to law enforcement officials briefed on the matter. The bank faces accusations that it transferred billions of dollars for nations like Iran and enabled Mexican drug cartels to move money illegally through its American subsidiaries.

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