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HSBC to pay up in laundering probe

Published 04/06/2015

HSBC has agreed to pay €40m Swiss francs (£28m) to settle an investigation by prosecutors in Geneva
HSBC has agreed to pay €40m Swiss francs (£28m) to settle an investigation by prosecutors in Geneva

HSBC says it will pay 40 million Swiss francs (£28m) to settle a money laundering investigation by Geneva prosecutors into its Swiss subsidiary.

Prosecutors were investigating HSBC Private Bank (Suisse) SA and persons unknown for suspected aggravated money laundering.

The investigation unfolded after an ex-employee leaked a list of thousands of suspected tax evaders to French authorities in 2008.

France shared the list with other governments and launched investigations, and the International Consortium of Investigative Journalists and news organisations found that the bank hid millions of dollars to help wealthy people dodge taxes.

In a statement, HSBC said it has improved practices to keep clients from using the bank "to evade taxes or launder money," and drastically reduced the number of accounts.

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