HSBC’s $1.92 billion payment to U.S. authorities to avoid prosecution for money-laundering practices, including transferring funds for Mexican drug cartels, raises serious questions about the flow of narco-cash in the international banking system. The time has come to tackle the culture of impunity that allows these illegal transactions.
The Great Debate
On the first Sunday of October, the Texan city of El Paso recorded its 10th murder of the year. On the same day, El Paso’s Mexican sister city, Ciudad Juarez, recorded its 1,809th murder of 2009. Mayhem on one side of the border, relative peace on the other.
When Mexico’s president, Felipe Calderon, ordered 2,500 troops and federal agents into border city Ciudad Juarez 17 months ago to tamp down drug violence, the monthly murder rate ran at an average of 66. In retrospect, those were the days of peace and calm.