4th Jun 2015 13:12
LONDON (Alliance News) - The Swiss prosecutor has dropped its investigation into money laundering at HSBC Holdings PLC's Swiss private banking business after the bank agreed to pay CHF40 million for organisational failures but did not admit guilt, the Financial Times reported on Thursday.
The move clears up one of the probes being conducted into the bank's Swiss private banking unit, which is facing allegations of helping its clients to avoid tax and launder money derived from illicit sources.
On Thursday, the Geneva prosecutor said it would not file any criminal charges against the bank.
http://next.ft.com/fb3fec8c-0aaf-11e5-98d3-00144feabdc0
By Sam Unsted; [email protected]; @SamUAtAlliance
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