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HSBC branches preferred by Mexican drug traffickers, Bloomberg reports

In Mexico, HSBC Holdings' (HBC) branches became known to drug traffickers as the place to launder funds from illegal sales and cartels began using special boxes to speed transactions, according to U.S. prosecutors, reports Bloomberg. From 2006 to 2010, the Sinaloa cartel in Mexico and the Norte del Valle Cartel in Columbia moved more than $881M in proceeds through HSBC’s U.S. unit, said Lanny Breuer, assistant attorney general for the Justice Department’s criminal division.