by The HSBC settlement brings an end to the French tax dispute. (AP) - Click to enlarge With a payment of €300 million (CHF350 million), the Swiss subsidiary of British bank HSBC has settled its tax fraud dispute with the French authorities. Investigations by the French government revealed that many French taxpayers had hidden their assets with help from HSBC’s private bank. However, HSBC Switzerlandexternal link announced on Tuesday that the settlement did not mean that the bank was guilty. The agreement marks the end of the French investigation against HSBC Switzerland. The investigation began with the whistleblowing case of Hervé Falcianiexternal link. The French-Italian dual citizen worked as a computer
Topics:
Swissinfo considers the following as important: Business, Featured, HSBC, newslettersent, Swiss Markets and News
This could be interesting, too:
Marc Chandler writes Riksbank Cuts, Oil Slips, and the Yen Remains Under Pressure
Marc Chandler writes Market Pushes the Yen Lower, Helped by a Broadly Firmer Greenback
Mark Thornton writes It’s the PPI Once More!
Daniel Lacalle writes Get Ready for Weaker Growth and Higher Inflation. The Consensus Was Wrong.
The HSBC settlement brings an end to the French tax dispute. (AP) - Click to enlarge
With a payment of €300 million (CHF350 million), the Swiss subsidiary of British bank HSBC has settled its tax fraud dispute with the French authorities.
Investigations by the French government revealed that many French taxpayers had hidden their assets with help from HSBC’s private bank.
However, HSBC Switzerlandexternal link announced on Tuesday that the settlement did not mean that the bank was guilty. The agreement marks the end of the French investigation against HSBC Switzerland.
The investigation began with the whistleblowing case of Hervé Falcianiexternal link. The French-Italian dual citizen worked as a computer scientist at HSBC in Geneva and stole the data of some 15,000 clients in 2006 and 2007.
On the basis of the data, the French authorities initiated a formal investigation into HSBC in 2014. Other countries such as Argentina, Belgium, Spain and the United States also started investigations.
HSBC has admitted that the private Swiss bank made mistakes. The bank says it has since taken measures to prevent tax fraud.
Tags: Business,Featured,HSBC,newslettersent