HSBC to pay $352m to resolve Swiss bank tax probe

HSBC Private Bank, a Swiss unit of banking giant HSBC, has agreed to pay €300m to avoid going to trial in France for enabling tax fraud, prosecutors said today.

However, HSBC Switzerland announced on Tuesday that the settlement did not mean that the bank was guilty.

The investigation began with the whistleblowing case of Hervé Falciani.

On the basis of the data, the French authorities initiated a formal investigation into HSBC in 2014.

The bank has been investigated in several other countries, including Spain and Belgium, following the leak.

"HSBC has publicly acknowledged historical control weaknesses at the Swiss Private Bank on a number of occasions and has taken firm steps to address them", it said.

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