HSBC to Pay $352 Million to Resolve French Probe

Lloyd Doyle
November 15, 2017

With a payment of €300 million (CHF350 million), the Swiss subsidiary of British bank HSBC has settled its tax fraud dispute with the French authorities. With the signing of this agreement, "the bank recognizes the existence of the facts alleged against him and accepted their legal classification", he says in a press release.

HSBC's Swiss bank was under investigation over helping clients to illegally avoid paying taxes worth 1.6 billion euros ($1.9 billion) to the French government in 2006 and 2007.

The bank said it was pleased to resolve the long-running investigation into tax dodging by French citizens via its private bank in Switzerland. It has provisioned fully for the amount.

In 2014, French financial prosecutor launched a probe over HSBC Private Bank on charges of "illegal banking and financial solicitation" and "aggravated money laundering".

HSBC said that under the agreement announced Tuesday, there is no finding of guilt on the part of the Swiss Private Bank. It may not therefore claim, according to the law, to the benefit of a CJIP.

Other reports by Iphone Fresh

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