HSBC Swiss unit fined $193m over US tax evasion

Pedro Gonçalves
clock • 2 min read

HSBC Swiss Private Bank SA has agreed to pay $192.35m penalties and and admit to helping American customers hide more than $1bn in assets from tax authorities to settle criminal charges in the US. The US Department of Justice said that the bank used various methods to help Americans hide their offshore assets from US authorities, such as using code-named and numbered bank accounts and otherwise "relying on Swiss bank secrecy". "HSBC Switzerland conspired with US account holders to conce...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now

 

Already a International Investment member?

Login