HSBC Inquiry Would Likely Focus On Sincerity Of Tax Reforms

Law360, New York (February 12, 2015, 8:17 PM EST) -- Threats of U.S. prosecution loom over HSBC Holdings PLC due to reports that it helped clients hide cash from various tax authorities, and to avoid paying historic penalties like competitor Credit Suisse AG, the bank may want to show that it redoubled reform efforts after entering a corporate compliance monitorship.

The reports are the latest round of bad press for the British bank, which in 2012 agreed to pay the U.S. a $1.9 billion penalty and acquire a monitor over its alleged role in laundering money for Mexican and other Latin American drug cartels. However, HSBC maintains that its Swiss private...

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