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Lanny Breuer, left, Assistant Attorney General of the Justice Department's Criminal Division, addresses a news conference in Brooklyn, N.Y., Tuesday, Dec. 11, 2012. British bank HSBC has agreed to pay $1.9 billion to settle a New York based-probe in connection with the laundering of money from narcotics traffickers in Mexico, U.S. authorities announced Tuesday.

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No US prosecution of British banking giant for laundering money

Authorities defend $1.9B deal with HSBC

American authorities on Tuesday cited "astonishing" dysfunction at the British bank HSBC and said that it had helped Mexican drug traffickers, Iran, Libya and others under U.S. suspicion or sanction to move money around the world.

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