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HSBC’s record $1.9bn fine preferable to prosecution, US authorities insist Dominic Rushe in New York and Jill Treanor in London guardian.co.uk,      Tuesday 11 December 2012 15.37 EST Assistant attorney general Lanny Breuer said taking away HSBC’s US banking licence could have cost thousands of jobs. Photograph: Richard Drew/AP US authorities defended their decision not to prosecute HSBC for accepting the tainted money of rogue states and drug lords on Tuesday, insisting that a $1.9bn fine for a litany of offences was preferable to the “collateral consequences” of taking the bank to court. Announcing the record fine at a press conference in New York, assistant attorney general Lanny Breuer said that despite HSBC”s “blatant failure” to implement anti-money laundering controls and its wilful flouting of US sanctions, the consequences of a criminal prosecution would have been dire.

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