HSBC Private Bank (Suisse) had been charged in France with illegal banking solicitation and aggravated laundering of the proceeds of tax fraud. Prosecutors said the bank actively sought out French clients and helped them hide at least €1.6 billion from the tax authorities.
On 14 November 2017 the Paris court approved France’s first-ever CJIP, a deal similar to a deferred prosecution agreement, created under the Sapin II law. Under it the bank paid €300 million and avoided trial.
The case began with computer files seized in 2009 at the home in France of a former HSBC employee.
HSBC’s position
The HSBC group acknowledged past control weaknesses at the Swiss unit and said it had strengthened its anti-money-laundering and tax compliance procedures.
The evidence
3 sources- Exhibit ACommuniqué de presse du Parquet national financier — HSBC Private Bank Suisse (14 novembre 2017)Tribunal judiciaire de Paris / Parquet national financier · 14 November 2017 · tribunal-de-paris.justice.frOfficial record
- Exhibit BHSBC to pay 300 mn euros to France to avoid tax fraud trialThe Local France · 14 November 2017 · thelocal.fr
- Exhibit CFrance Announces Its First Deferred Prosecution AgreementSkadden · December 2017 · skadden.com
Last checked 2 November 2026. Something wrong or out of date? Tell us and we’ll correct it.