HSBC Swiss unit to pay $192 million to settle U.S. tax investigation

(Reuters) - The Swiss private banking unit of HSBC Holdings Plc will pay $192.4 million (£149.96 million) in penalties to settle a U.S. Department of Justice investigation into the bank helping its U.S

Reuters December 11, 2019 03:05:23 IST
HSBC Swiss unit to pay $192 million to settle U.S. tax investigation

HSBC Swiss unit to pay 192 million to settle US tax investigation

(Reuters) - The Swiss private banking unit of HSBC Holdings Plc will pay $192.4 million (£149.96 million) in penalties to settle a U.S. Department of Justice investigation into the bank helping its U.S. clients conceal assets abroad and evade taxes, the agency said on Tuesday.

The DoJ filed a charge of conspiracy to defraud the United States against HSBC Private Bank (Suisse) SA but agreed to drop it in three years if it abides by a deal submitted in a federal court, according to court documents seen by Reuters.

The charge relates to the bank's conduct between 2000 and 2010, the DOJ said.

The bank assisted U.S. clients in concealing their offshore assets and income from U.S. tax authorities, by employing a variety of methods, the DOJ added.

(Reporting by Bharath Manjesh in Bengaluru; Editing by Shailesh Kuber)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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