HSBC Faces $1.5B In Fines From Swiss Tax Evasion Probes
Law360, London (February 20, 2018, 4:36 PM GMT) -- HSBC Holdings PLC could be hit with fines exceeding $1.5 billion from investigations around the world into allegations of tax evasion and money laundering at its Swiss private-banking subsidiary and other operations, according to the bank's annual report published Tuesday.
Tax agencies, regulators and law enforcement authorities in the U.S., Belgium, Argentina, India and Spain are investigating or reviewing HSBC Private Bank (Suisse) SA and other HSBC companies, the bank revealed. It warned investors that other jurisdictions could launch their own probes.
Allegations the bank is facing include tax evasion or tax fraud, money laundering and soliciting of unlawful cross-border banking,...
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