HSBC to pay 300 million euros to avoid French tax fraud trial

HSBC agrees fine to avoid court over tax fraud charges

HSBC agrees fine to avoid court over tax fraud charges

With a payment of €300 million (CHF350 million), the Swiss subsidiary of British bank HSBC has settled its tax fraud dispute with the French authorities.

HSBC bank is pictured in Geneva, Switzerland, November 8, 2017.

It also said that two former directors of HSBC's Swiss private bank remained subject to possible legal action. The deal does not include a guilty plea and French prosecutors have now dropped the case against HSBC Holdings. The agreement marks the end of the French investigation against HSBC Switzerland. Investigators believe that HSBC's private banking division offered its customers several ways of hiding assets from the French taxman, notably via the use of offshore tax havens.


The settlement between HSBC's Swiss Private Bank and the French prosecutor was the first such deal to be struck under new French rules introduced in 2016 to allow companies to settle without any finding of guilt, HSBC said.

Herve Falciani said he became a whistleblower to help governments track down people who used Swiss bank accounts to evade tax.

The French investigation found that several French taxpayers had not declared to tax authorities assets held in the books of the Swiss private bank, which provided French clients with services used to hide assets.

Recommended News

  • 'Hannity' Fans Smash Keurig Brewers Over Company's Decision To Pull Ads

    'Hannity' Fans Smash Keurig Brewers Over Company's Decision To Pull Ads

    The coffee brand publicly announced its decision to cut advertising on Sean Hannity's show over the weekend. If you can't do this, then Judge Moore needs to get out of this race.
    House Republicans give AG Sessions an ultimatum: Investigate Clinton-Comey or resign

    House Republicans give AG Sessions an ultimatum: Investigate Clinton-Comey or resign

    Attorney General Jeff Sessions threw some cold water on increasing calls from the right for a second special counsel to investigate 2016 Democratic nominee Hillary Clinton .
    Virginia healthcare community supports Be Antibiotics Aware initiative

    Virginia healthcare community supports Be Antibiotics Aware initiative

    The most important antimicrobials are antibiotics, which treat bacterial infections. Tedros Adhanom Ghebreyesus, director-general of WHO .
  • 'One Tree Hill' showrunner Mark Schwahn is accused of sexual harassment

    'One Tree Hill' showrunner Mark Schwahn is accused of sexual harassment

    At the time of writing, Schwahn representatives haven't responded to any news outlets request for comment from what we can see. That's insane . "We also understood that no one was fully unaware [of what was happening on the set]", they continued.
    GAIL Q2 Profit Soars 41% To Rs1,309.4 Crore

    GAIL Q2 Profit Soars 41% To Rs1,309.4 Crore

    Shares of LLOYD ELECTRIC & ENGINEERING LTD. was last trading in BSE at Rs.295.95 as compared to the previous close of Rs. 298.8. The gas utility marketed 5 per cent more gas by volume during the quarter in consideration, the statement said.

    Eli Lilly and Company (NYSE:LLY) Quant Score & ROE in Focus

    Caisse DE Depot ET Placement DU Quebec lifted its stake in shares of Eli Lilly and by 2.0% during the third quarter. Front Barnett Associate Limited Liability owns 0.06% invested in Eli Lilly and Co (NYSE: LLY ) for 3,668 shares.
  • Senior Chinese diplomat to visit North Korea as envoy of Xi

    North Korea's state news agency said in a short dispatch that Song will visit the North "soon", without revealing details. Chinese banks have stopped dealing with North Korea after the U.S. unilaterally sanctioned the Bank of Dandong.
    Texas university suspends Greek chapters after pledge dies

    Texas university suspends Greek chapters after pledge dies

    Ellis is the latest of several students to die after parties while pledging fraternities this year. The Travis County medical examiner will determine Ellis' cause and manner of death.
    Ed Sheeran Responds to Rumors That Taylor Swift Wrote 'Dress' About Him

    Ed Sheeran Responds to Rumors That Taylor Swift Wrote 'Dress' About Him

    Reputation , which is the 27-year-old Swift's sixth studio album, is also her fourth to sell a million copies in a week. This story was first published on CNN.com, "Taylor Swift's "Reputation" sells a million copies in four days ".
  • JUSTICE LEAGUE Producer Weighs In On What Percentage Belongs To Whedon

    JUSTICE LEAGUE Producer Weighs In On What Percentage Belongs To Whedon

    The making of the DC superhero team-up film " Justice League " was hardly any more tranquil. And another track to note in the " Justice League " score is titled "The Final Battle".
    Jokinen to Kings, Cammalleri to Oilers

    Jokinen to Kings, Cammalleri to Oilers

    That one year in Calgary proved to be the best season of Cammalleri's career as he scored 39 goals and 82 points in 81 games. He can still be a productive NHLer, just don't expect him to carry much fantasy value going forward.
    Notable Stock in Focus: Cisco Systems, Inc. (NASDAQ:CSCO)

    Notable Stock in Focus: Cisco Systems, Inc. (NASDAQ:CSCO)

    BlackRock Group LTD raised its position in shares of Cisco Systems by 0.9% in the first quarter. (NASDAQ:PNNT) for 22,775 shares. November 3 investment analysts at Cowen and Company made no change to the stock rating of "Buy" targeting a price of $38.00.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.