( CNN ) -- The top Republican on the Senate committee that oversees the Justice Department issued a blistering criticism of Attorney General Eric Holder and his department for failing to pursue criminal charges against a giant global bank that admits violating federal laws by laundering money on behalf of Iran , Libya , Sudan and Myanmar . Sen. Charles Grassley , R-Iowa , sent his stinging letter to Holder Thursday , calling it `` inexcusable '' for the department not to prosecute criminal behavior by the British banking giant HSBC . In a settlement reached Tuesday , HSBC agreed to pay the U.S. government $ 1.92 billion in a wide-ranging agreement . Any prosecution in the case was `` deferred , '' meaning it is unlikely anyone from the bank will ever go to jail for wrongdoing . `` What I have seen from the department is an inexplicable unwillingness to prosecute and convict those responsible for aiding and abetting drug lords and terrorists , '' Grassley wrote . `` By allowing these individuals to walk away without any real punishment , the department is declaring that crime actually does pay , '' Grassley asserted . The Justice Department had no immediate comment Thursday . Assistant Attorney General Lanny Breuer defended the settlement Tuesday in a New York news conference . Breuer said , `` HSBC is being held accountable for stunning failures of oversight . '' HSBC Chief Executive Stuart Gulliver released a statement Tuesday , saying `` we accept responsibility for our past mistakes . ''
The Justice Department seeks settlement with HSBC in the laundering investigation . GOP Sen. Charles Baker says department officials have sought criminal charges . HSBC , which accepted responsibility , will pay the U.S. government $ 1 billion .