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HSBC to pay 38 million euros to settle Swiss money-laundering probe

2015-06-04 23 Dailymotion

HSBC has agreed to pay Geneva authorities some 38 million euros to settle a money laundering investigation at its Swiss private bank, Geneva’s attorney general said on Thursday, June 4.<br /><br /> It’s the largest sum Geneva prosecutors have ever seized. <br /><br /> The settlement comes after leaked files published earlier in 2015 sparked allegations that the bank enabled clients to conceal millions of euros of assets from tax authorities.<br /><br /> “This case demonstrates the weakness of Swiss law when it comes to preventing dirty money from entering the financial circuit,” said Geneva’s attorney-general, Olivier Jornot.<br /><br /> “When the law barely punishes a financial intermediary that accepts funds of a dubious origin, well, we have a problem,” he told a news conference.<br /><br /> The settlement ends one of a number of probes facing Europe’s biggest bank.<br /><br /> HSBC’s Swiss arm still faces similar investigations by US and French authorities, among others.<br /><br /> HSBC has apologised to clients and investors over the previous faili

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