WASHINGTON — HSBC's Swiss private banking arm has agreed to fork over nearly $200 million in unpaid taxes, improper fees and fines after confessing to helping Americans evade federal taxes, the Justic
WASHINGTON — HSBC's Swiss private banking arm has agreed to fork over nearly $200 million in unpaid taxes, improper fees and fines after confessing to helping Americans evade federal taxes, the Justice Department announced Tuesday.
"Banks, asset managers and other financial firms enable such crimes -- and we will hold these institutions to account, right along with the taxpayers that use them to facilitate and disguise illegal activities." In 2002, the bank had more than 720 undeclared US client relationships with a total value of more than $800 million -- 5 years later, this had reached almost $1.3 billion, according to the Justice Department.
However, the settlement does not mean individuals will not be prosecuted separately, the statement said.
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