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HSBC to pay US$200m fine for US tax evasion
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HSBC’s Swiss private banking arm has agreed to fork over nearly US$200 million in unpaid taxes, improper fees and fines after confessing to helping Americans evade federal taxes, the Justice Department announced on Tuesday.
“HSBC Switzerland conspired with US account holders to conceal assets abroad and evade taxes that every American must pay,” Stuart Goldberg, acting chief of the department’s tax division, said in a statement.
“Banks, asset managers and other financial firms enable such crimes — and we will hold these institutions to account, right along with the taxpayers that use them to facilitate and disguise illegal activities.”
Federal prosecutors say that for a decade starting in 2000, the Geneva-based HSBC Private Bank helped American customers hide offshore assets from US authorities, using code named and numbered accounts, hold-mail agreements and shell firms in tax havens like Panama and the British Virgin Islands.
In 2002, the bank had more than 720 undeclared US client relationships with a total value of more than US$800 million — five years later, this had reached almost US$1.3 billion.
Under the terms of a settlement, conspiracy charges filed against the bank will not be prosecuted for three years “to allow HSBC Switzerland to demonstrate good conduct.”
However, the settlement does not mean individuals will not be prosecuted separately, the statement said.
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