HSBC to pay €300m to avoid French tax fraud trial

Remigio Civitarese
Novembre 14, 2017

HSBC said Tuesday that its Swiss private-banking unit will pay €300m to resolve an investigation launched by French authorities into tax-related matters involving clients of its Swiss bank, The Wall Street Journal reports.

HSBC was accused a year ago of helping French clients to hide at least €1.67 billion from the tax authorities, according to a source close to the probe.

Investigations by the French government revealed that many French taxpayers had hidden their assets with help from HSBC's private bank.

The deal does not include a guilty plea.

French prosecutors have now dropped the case against HSBC Holdings.

The bank has been investigated in several other countries, including Spain and Belgium, following the leak.

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