HSBC to pay US$200m fine for US tax evasion

Advanced Search

The story appears on

Page A10

December 12, 2019

GET this page in PDF

Free for subscribers

View shopping cart

HSBC to pay US$200m fine for US tax evasion

Source: AFP | 00:20 UTC+8 December 12, 2019 |

Print Edition

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.

Business

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

HSBC to pay US$200m fine for US tax evasion

Email this to your friend