HSBC tax probe ends in France, trial on the horizon

HSBC building sign

A French investigation into HSBC's Swiss private bank over a suspected tax-dodging scheme for wealthy customers has ended, bringing it a step closer to a possible trial, a judicial source said on Monday.

Reuters reports that HSBC last week admitted failings in compliance and controls in the Swiss unit and faces investigation by U.S. authorities and an inquiry by British lawmakers after reports that it helped customers conceal millions of dollars of assets in a period up to 2007.

French magistrates put HSBC Private Bank under formal investigation in November. They ended their inquiries on Feb. 12, the source said, adding that prosecutors had three months to request that the bank be sent to trial to answer charges.

Hit the link below to access the complete Reuters article:

France ends investigation of HSBC's Swiss bank, eyes first trial

Bank of England may look into HSBC tax case

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