RISK: HSBC fined 40 million Swiss francs

The bank turned a blind eye to arms dealers, helped the wealthy avoid taxes

Geneva authorities fined HSBC 40 million Swiss francs for allowing money laundering to occur in the bank’s Swiss subsidiary.

Geneva closed the investigation against HSBC in exchange for the financial settlement but the city’s chief prosecutor warned the bank “this is an excuse which will only apply once.”

The investigation was prompted by media revelations coordinated by the International Consortium of Investigative Journalists. The reporting showed the Swiss subsidiary turned a blind eye to arms dealers and helped the wealthy evade taxes.

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Copyright © 2017 Transcontinental Media G.P.
Transcontinental Media G.P.