An icy lesson for banking's neo-Vikings

Iceland's post-GFC clampdown on banking misdeeds is unparalleled in the world, and while not without hiccups has been able to deliver onerous penalties for wrongdoing.

As scandals rain down thick and fast in the financial world, many are beginning to ask whether the penalties being imposed are enough to stop bankers from behaving badly.

Just over a week after the major Barclays rate-rigging scandal, HSBC has now conceded that it lacked adequate internal controls to prevent money laundering, with the funds potentially being used to finance terrorism and other criminal activity.

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