HSBC Swiss unit to pay $192 million to settle U.S. tax investigation
The hard line taken by U.S. authorities over the last decade has helped pressure Switzerland to end banking secrecy that long allowed offshore clients to stash money in accounts in the republic. The Swiss government has deals with many countries to exchange information about accounts held by foreigners.
Even as the DoJ began investigating Swiss banks, including UBS, around 2008 for tax-dodging schemes, prosecutors said some HSBC Private Bank bankers continued the cross-border business with U.S. residents. UBS agreed to pay $780 million in fines, penalties, interest and restitution in 2009 for helping Americans hide their assets from U.S. tax authorities. In 2014, Credit Suisse paid $2.6 billion.
“Today the Swiss subsidiary operates under new management,” Chief Executive Alex Classen said in a statement. “We have strengthened our compliance function, enhanced our control framework and put in place a comprehensive client tax transparency policy.”
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