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Belgium: €294.4m settlement over tax fraud and money laundering

Belgian prosecutors said HSBC’s Swiss bank helped wealthy Belgians, many of them Antwerp diamond traders, move money into offshore companies in Panama and the British Virgin Islands.

€294.4m

Settled

HSBC Private Bank (Suisse) was charged in Belgium in 2014 with tax fraud, money laundering and illegal financial intermediation.

Prosecutors alleged the bank helped wealthy Belgian clients, many of them Antwerp diamond traders, move money into offshore companies in Panama and the British Virgin Islands.

On 6 August 2019 Belgian prosecutors announced the bank would pay about €294.4 million. Most of it was a criminal fine, with €400,000 paid to the Belgian state as civil damages. The Brussels Times called it a record settlement.

The evidence

3 sources
  1. Exhibit AHSBC concludes record settlement with Brussels authoritiesThe Brussels Times · 6 August 2019 · brusselstimes.com
  2. Exhibit BHSBC Pays €294 Million to Settle Belgian Tax Fraud CaseTax Notes · 6 August 2019 · taxnotes.com
  3. Exhibit CHSBC agrees to 300 million euro settlement of Belgian tax caseCNBC (Reuters) · 6 August 2019 · cnbc.com

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