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Monday, August 12, 2019
Volume:
35
Issue:
8
Abstract:
On August 6, 2019, the Swiss branch of HSBC agreed to pay €294.4 million (US$330 million) to end a Belgian criminal investigation into tax fraud, money laundering, and provisions of illegal financial services by assisting Belgian taxpayers to move money from Swiss accounts to holding companies in Panama and the British Virgin Islands.[1] On August 7, 2019, the former HSBC head of private banking in Switzerland pleaded guilty to assisting clients’ hide assets worth at least $1.8 billion.