HSBC pays 300m euros to settle Belgium fraud caseBusiness | 6 Aug 2019 8:35 pm
Belgian prosecutors say they have reached a settlement worth nearly 300 million euros with a Swiss private banking branch of HSBC over a longstanding fraud and tax dodging case.
The Brussels prosecutor's office said today it was able to reach a settlement partly because of a "change in the wealth management within HSBC,'' noting the bank had stopped certain offshore services, improved transparency and appointed an anti-fraud director.
The prosecutor's office had accused the company in 2014 of massive organized fiscal fraud, money laundering and forming a criminal organization to the benefit of over 1,000 wealthy clients that cost the Belgian authorities "hundreds of millions of euros.''
HSBC did not immediately reply to a request for comment.-AP. Photo: Press Association.