HSBC’s Swiss private bank has paid settlements in France, Belgium, Switzerland and the United States over helping wealthy clients hide money from tax authorities. Here is each case, with what was admitted and what was not.
01
Admitted$192.35m
HSBC Private Bank (Suisse) admitted that from 2000 to 2010 it conspired to help US taxpayers hide up to $1.26bn in undeclared assets from the IRS.
02
Settled€294.4m
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.
03
Settled€300m
HSBC’s Swiss private bank paid €300m under France’s first-ever corporate plea deal. Prosecutors said it helped French clients hide at least €1.6bn from the tax authorities.
04
ExposedICIJ analysis of the Mossack Fonseca files found HSBC and its affiliates requested more than 2,300 offshore companies for clients, more than any other bank.
05
Exposed$100bn+ in accounts
Leaked files on more than 100,000 HSBC Swiss clients with over $100bn showed the bank helped wealthy clients hide money. HMRC got the UK data in 2010 but prosecuted one person.