HSBC arm faces Belgium fraud claims

HSBC arm faces Belgium fraud claims

A Belgian investigating judge has charged a Swiss private banking branch of HSBC with massive organised fiscal fraud.

It is also accused of money laundering and forming a criminal organisation to the benefit of over 1,000 wealthy clients that cost the Belgian authorities “hundreds of millions of euros”.

The prosecutor’s office said in a statement the accusations against HSBC Private Bank NV/SA are based on its involvement over the years with “wealthy clients, specifically from the Antwerp diamond industry”.

Beyond the cost to Belgian taxpayers, the prosecutor’s statement said that “much higher sums can be added” from possible money laundering operations that the justice ministry is dealing with.

In August, HSBC Holdings PLC said it knew inquiries were ongoing and “that the fines and/or penalties imposed could be significant.”

More in this Section

Serious Fraud Office closes Libor rigging investigationSerious Fraud Office closes Libor rigging investigation

Johnson insists EU free trade agreement can be struck amid no-deal Brexit fearsJohnson insists EU free trade agreement can be struck amid no-deal Brexit fears

IDA Ireland: Era of optimism with growth evident in all sectorsIDA Ireland: Era of optimism with growth evident in all sectors

Renault warning of slowing sales haunts rest of European car industryRenault warning of slowing sales haunts rest of European car industry


Lifestyle

A pet dog is always ‘in your face’, whereas a house cat remains detached and aloof at all times. Lassie wants to accompany you everywhere, but Pussy stays with the house.So cats really do bond with humans after all

Ovarian cancer has been dubbed ‘the silent killer’. Christina Henry tells Rowena Walsh why she is one of the lucky onesAgeing with attitude: Life after ovarian cancer

As almost a father of two, Donal Skehan has realised that in order to survive with young children, quick and easy meals are key, writes Ciara McDonnell.Donal Skehan's newest recipes are quick and easy

Jamie Oliver is on a mission to get everyone eating more vegetables with the release of his new book, Veg.A selection of recipes from Jamie Oliver's new book Veg

More From The Irish Examiner