HSBC, one of the world's largest banks, has been embroiled in a series of scandals involving tax evasion, money laundering for the Mafia, and currency manipulation. In 2012, HSBC was fined a record $1.9 billion for laundering money for Mexican drug cartels and other criminal organizations. The bank was also accused of helping wealthy clients evade taxes by setting up offshore accounts in Switzerland and other tax havens. In 2014, HSBC was fined $618 million for manipulating currency exchange rates, which resulted in significant profits for the bank but harmed other market participants. These scandals have damaged HSBC's reputation and led to calls for stricter regulation of the banking industry.
