French magistrates examining whether the bank helped wealthy clients avoid a new tax, the European Union Savings Directive|
French judges have put the Swiss branch of HSBC under official investigation over allegations that Britain’s biggest bank helped wealthy clients avoid taxes.
It was revealed on Friday that the unit had been mise en examen, the equivalent of being charged, for “illicit financial and banking practices”. The move comes as yet another blow to the international bank just days after it faced charges of fraud and money laundering from the Belgium authorities and, in a separate case, was hit with almost £400m in fines for allowing traders to rig foreign exchange markets, along with five other banks. Continue reading...