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...

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