Swiss Bank* Accused Of Taking Part In Time Honored Swiss Bank Tradition


It appears that the Swiss banking arm of UK-based HSBC has quickly adapted to local customs and traditions.

The Swiss private banking arm of HSBC has been charged by Belgian authorities with assisting wealthy individuals to avoid paying taxes on several billion dollars in assets. A Belgian investigating magistrate judge has charged the unit, HSBC Private Bank (Suisse), with serious and organized tax fraud, money laundering and unlawful exercise of the profession of financial intermediary, according to a statement by the Brussels prosecutor’s office. The activity under scrutiny occurred from 2003 to the present, prosecutors said. The judge accused HSBC of promoting and encouraging wealthy individuals to create offshore companies, including companies in Panama and the Virgin Islands, for the sole purpose of hiding assets.

HSBC’s Swiss Private Bank Charged in Belgium Tax Fraud Inquiry [Dealbook]

*Swiss-based branch office of a British bank. Don't fight this, you get the idea.