HSBC and Money Laundering: A Constant Battle

• By: Staff Editor

HSBC and Money Laundering: A Constant Battle

HSBC Holdings plc, the world's third largest bank by assets, has been in the news recently for money laundering in Geneva. HSBC has agreed to pay 40 million Swiss francs, the biggest financial penalty ever imposed by the Geneva authorities. The Swiss unit of the bank came into limelight when HSBC’s former IT worker Herve Falciani leaked details about clients involved in alleged tax avoidance to the French government. The French authorities later handed the information to tax authorities around the world. Geneva authorities raided HSBC offices in February 2015 after several media organizations published details of how HSBC’s Swiss unit allegedly helped wealthy clients avoid taxes. The U.S., French and Belgian authorities are still investigating tax evasion at the bank.