Swiss prosecutors on Thursday closed an investigation into allegations British banking giant HSBC’s Geneva branch helped clients evade millions of dollars in taxes, after the bank agreed to a massive fine.
“We ended the procedure following a deal with the bank, which will pay 40 million Swiss francs ($43 million, or €38 million),” Olivier Jornot, attorney general in the Swiss canton of Geneva, told reporters.
Banking giant HSBC faced damaging claims in February that its Swiss division helped wealthy customers, including several Israelis, dodge millions of dollars in taxes after a “SwissLeaks” cache of secret files emerged online.
Among their clients were over 6,200 Israelis, with holdings totaling some $10 billion.
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