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HSBC pays out £28m over money-laundering claims

Geneva prosecutor agrees to close investigation into HSBC in return for the financial settlement

HSBC has been ordered to pay a record 40m Swiss francs (£28m) and been given a final warning by the Geneva authorities for “organisational deficiencies” which allowed money laundering to take place in the bank’s Swiss subsidiary.

The settlement means the Swiss will not prosecute HSBC or publish the findings of their investigation into alleged aggravated money laundering. But Geneva’s chief prosecutor, Olivier Jornot, cautioned that the bank was on notice, saying: “This is an excuse which will only apply once.”

Announcing the biggest financial penalty ever imposed by the Geneva authorities, Jornot launched a stinging attack on his own country’s financial laws, adding his voice to a growing a number of Swiss politicians and campaigners calling for reform of the country’s secretive banking system.

“This matter shows the weakness of Swiss law in the...

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URL: 
http://www.theguardian.com/business/2015/jun/04/hsbc-fined-278m-over-money-laundering-claims