HSBC Swiss Private Bank pays 300m euros to settle tax fraud chargesBusiness | Nov 15, 2017 11:13
In a written statement, prosecutors said a Paris court yesterday approved the agreement under a 2016 anti-corruption law. Under this agreement, the bank acknowledges "the existence of the alleged facts.”
HSBC’s Swiss bank was under investigation over helping clients to illegally avoid paying taxes worth 1.6 billion euros to the French government in 2006 and 2007. A former HSBC employee gave the data to French authorities in 2008.
The bank has been investigated in several other countries, including Spain and Belgium, following the leak.-AP