HSBC subsidiary in laundering probe

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Published: Wednesday 18th February 2015 by The News Editor

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Swiss prosecutors have opened a money-laundering investigation against a local subsidiary of HSBC following a report that the bank turned a blind eye to illegal activities of arms dealers and blood diamond traders while helping rich people evade taxes.

The Geneva premises of HSBC’s Swiss private bank were searched today, officials said.

The prosecutors said they had opened an investigation into suspected aggravated money laundering against the subsidiary and against persons unknown.

The investigation stemmed from “recent published revelations” about the private bank.

Published: Wednesday 18th February 2015 by The News Editor

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