HSBC: Swiss bank searched as officials launch money-laundering inquiry

[Eugene]

Source: The Guardian

HSBC: Swiss bank searched as officials launch money-laundering inquiry

Staff and agencies
Wednesday 18 February 2015 09.08 GMT

Prosecutors in Geneva searched the premises of HSBC’s Swiss private banking subsidiary on Wednesday after launching an inquiry into suspected money-laundering activities at the bank.

In a statement, prosecutors said the investigation into “suspected aggravated money laundering” was prompted by “the recent published revelations” about the private bank. The revelations, by the Guardian, the BBC, Le Monde and other media outlets, showed that HSBC’s Swiss banking arm turned a blind eye to illegal activities of arms dealers and helped wealthy people evade taxes.

The investigation was opened into HSBC Private Bank (Suisse) and “persons unknown”. The inquiry could later be extended to people suspected of committing or participating in money laundering, prosecutors said in a statement.

The Associated Press said that HSBC’s Swiss subsidiary could not immediately be reached for comment. Its CEO, Franco Morra, said last week that it had shut down accounts from clients who “did not meet our high standards”, and that the revelations about “historical business practices” were a reminder that the old business model of Swiss private banking was no longer acceptable.

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Read more: http://www.theguardian.com/news/2015/feb/18/hsbc-swiss-bank-searched-as-officials-launch-money-laundering-inquiry

[dixiegrrrrl]

1. Oh, so the press made the prosecutors act, eh?

That bank has been laundering money for years, but to date has only paid fines for it.
Which means that the law has known about it for a long time up till NOW.