HSBC pays £28 million to Swiss authorities over money laundering claims

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HSBC said it will pay the sum for “past organisational deficiencies” and will not face criminal charges. The bank does not have to make any admission of wrong doing.

HSBC offices in Switzerland were searched in February after allegations that it helped clients dodge tax.

A former IT employee called Hérvé Falciani fled Geneva in 2008 with files that allegedly showed tax evasion.

Falciana later handed over the files, containing details of more than 100,000 HSBC clients, to the then French finance minister, Christine Lagarde.

 

The ‘biggest banking leak in history’ led to investigations by Swiss, US and French authorities.

Lagarde also forwarded information about individuals in the files to governments, including the British government.

 

By February HRMC had prosecuted just one individual.

HSBC said that the Geneva authorities had taken into account its co-operation and the progress made in transforming tax services in recent years.

Source Article from http://www.standard.co.uk/business/business-news/hsbc-pays-28-million-to-swiss-authorities-over-money-laundering-claims-10297584.html

June 5, 2015 |
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