Raids at HSBC offices in Switzerland concludes

Raids at HSBC offices in Switzerland concludes

Raids at HSBC offices in Switzerland concludes

Written by Staff Writer

19 Feb, 2015 | 5:24 pm

Raids at HSBC offices ordered by Swiss prosecutors concluded on Wednesday as it followed the opening of a criminal inquiry into allegations of aggravated money laundering.

Stacks of white cardboard boxes full of HSBC archives were moved for investigators to conduct further studies.

Geneva’s public prosecutor began to search the premises of HSBC’s Swiss unit, its headquarters in the centre of the city, then its offices in Blandonnet on Wednesday.

The inquiry comes to effect after revelations that HSBC’s Swiss private bank allegedly helped wealthy clients evade taxes.

Meanwhile Geneva Attorney General Olivier Jornot said the process will take time.

HSBC has apologised to its customers and investors over the failing of its Swiss unit but insists the operation has since been overhauled.

Britain’s financial watchdog on Monday said that it will investigate HSBC to ensure the failings behind it.

HSBC’s private bank major operations  are centered in Switzerland, London and Hong Kong.

Source : Reuters

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