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French Magistrates Probing HSBC for Tax Evasion Scheme

Jaclyn Jaeger | April 13, 2015

London-based banking giant HSBC last week said that it has been placed under a formal criminal investigation by French magistrates concerning allegations that its Swiss-based private banking arm helped clients evade taxes.

The investigation follows blockbuster revelations by the International Consortium of Investigative Journalists (ICIJ) that the bank’s private Swiss unit helped hide millions for clients, including arms dealers and dictators’ associates. As Compliance Week previously reported, the “Swiss Leaks” investigation revolved around a cache of leaked documents detailing accounts of more than $100 billion in...

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