The HSBC headquarters is seen in the Canary Wharf financial district in east London, Britain in this Feb. 15, 2016 file photo. REUTERS/Hannah McKay/Files
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Senior U.S. Department of Justice officials overruled internal recommendations to prosecute global bank HSBC Holdings Plc for money laundering violations because of concerns about the stability of the financial system, a congressional report released Monday said.In 2013, the Financial Services Committee of the U.S. House of Representatives, led by Republican Congressman Jeb Hensarling of Texas, began investigating the Justice Department's November 2012 decision to enter into a $1.92 billion settlement agreement with HSBC.Politicians and others have criticized the Justice Department for not charging high level executives following the 2008 financial crisis.No HSBC executives or employees were prosecuted for the violations, the report said.HSBC declined to comment Monday on the report.
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