HSBC Switzerland pays $192m for US tax evasion (2019)

In December 2019 the US Department of Justice announced a deferred prosecution agreement with HSBC Private Bank (Suisse) SA, under which the bank paid $192.35 million.

The bank admitted that between 2000 and 2010 it conspired with its employees, third-party and wholly owned fiduciaries, and US clients to help US taxpayers hide income and assets from the US government. The conduct involved up to $1.26 billion in undeclared assets.

The agreement included a forfeiture of $71.85 million. The bank avoids prosecution as long as it shows good conduct for three years. The agreement gives no protection to individuals.

The evidence

2 sources

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