Swiss authorities raid HSBC`s Geneva offices

Risingbd Desk: Investigators launched a search on Wednesday of British banking giant HSBC`s Geneva offices as part of a money laundering probe following allegations the bank helped clients evade millions of dollars in taxes, Swiss 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," Geneva prosecutors said in a statement.

HSBC said it was "co-operating with the Swiss authorities."

The raid comes more than a week after allegations first emerged that HSBC`s Swiss private bank may have helped wealthy clients evade tax.

HSBC published a full-page advert in several weekend papers containing an apology over the claims.

The chief executive of HSBC`s Swiss private bank, Franco Morra, said last week it had shut down accounts from clients who "did not meet our high standards".

Mr Morra added the revelations about "historical business practices" were a reminder that the old business model of Swiss private banking was no longer acceptable.

Source: BBC and TOI

risingbd/ Feb 18, 2015/ Mahfuz/ Augustin Sujan