Swiss authorities raid HSBC Geneva office in money laundering inquiry – IB Times

Last Updated: February 18, 2015By

HSBC offices in Geneva, Switzerland [Image: Harold Cunningham/Getty Images].

Swiss authorities have raided the offices of HSBC’s Geneva branch over allegations of money laundering, according to many sources including the International Business Times.

A statement from the prosecutors said: “Following the recent revelations related to the HSBC Private Bank (Switzerland), the public prosecutor announces the opening of a criminal procedure against the bank… for aggravated money laundering.”

The bank is currently facing criminal investigations in the US, France, Belgium and Argentina.

In the US, HSBC paid almost $2bn (£1.3bn, €1.75bn) to secure a deferred prosecution agreement (DPA) over its failure to establish proper procedures to prevent money laundering by drug cartels and terrorists.

Commentators in the US were outraged that despite the bank’s “willful flouting of US sanctions laws and regulations” no criminal penalties have been assessed for any executive who may have been involved.

Read the full story here.

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One Comment

  1. Jeffery Davies February 19, 2015 at 7:41 am - Reply

    I wonder how much evidence has now been lost how they rid themselves of the evidence

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