View more on these topics

HSBC pays £28m to settle Swiss money laundering probe


HSBC has reached a deal to pay £28m (40m CHF) to close an investigation into alleged tax evasion and money laundering at the bank.

The deal closes a probe launched by Geneva authorities with a raid on the firm’s Swiss private bank headquarters.

The Swiss investigation began after reports revealed claims of HSBC-aided tax evasion in Geneva linked to a list of clients which was leaked to authorities by whistleblower Herve Falciani.

In a statement, the bank says that neither the bank nor its employees are suspected of any current criminal offences, with the sum paid to authorities to account for “past organisational deficiencies”.

HSBC says it has acknowledged that compliance and standards of due diligence were previously less robust, but adds that it has since undergone a radical transformation, including reducing its client base by 70 per cent and focusing on core markets.

“The Geneva Prosecutor acknowledges the progress the bank has made in recent years, including the improvements in its compliance function, internal processes and technology,” HSBC says.



France starts HSBC criminal probe and sets €1bn bail

HSBC has confirmed it is being investigated by French authorities, which have imposed a bail of €1bn as they probe alleged tax evasion offences linked to the Falciani List. The list, first leaked to French authorities in 2008, contained details of more than 100,000 HSBC account holders which former HSBC worker and whistleblower Herve Falciani believed […]


Govt withdrew HSBC tax evasion prosecution case

UK tax authorities withdrew a fourth case from the Crown Prosecution Service as it sought justice over alleged HSBC-aided tax evasion, despite telling MPs that just three files were passed to prosecutors. HMRC has always maintained it was only able to submit three files to prosecutors following a lengthy investigation of a list of 1,100 […]


HSBC bosses blame Swiss managers for tax avoidance failures

HSBC’s chairman and chief executive have declined to shoulder individual blame for staff aiding tax evasion which took place at the Swiss private bank between 2005 and 2007, despite apologising to MPs. Grilled by MPs at the Treasury Select Committee yesterday, HSBC group chairman Douglas Flint and chief executive Stuart Gulliver both accepted conduct at […]


Swiss police raid HSBC’s Geneva base

Swiss prosecutors have today raided the offices of HSBC’s Swiss private bank over suspected aggravated money laundering. A statement from the Geneva prosecutor’s office says: “A search is currently underway in the premises of the bank, led by attorney general Olivier Jornot and the prosecutor Yves Bertossa. An HSBC spokesman says: “We have cooperated continuously with […]


News and expert analysis straight to your inbox

Sign up


There are 2 comments at the moment, we would love to hear your opinion too.

  1. So a large payment made to the Swiss to end and investigation.
    Lucky this is Financial services and not football.

  2. Surely, the individuals responsible for the “past organisational deficiencies” will be brought to account? Please tell me that HSBC corporate money won’t get individuals off the hook.

Leave a comment