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Swiss Prosecutors Probe HSBC Subsidiary for Money Laundering

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The logo of HSBC Private Bank is pictured in Geneva, Switzerland, Wednesday. Feb. 18, 2015.  Geneva prosecutors searched the premises of HSBC's Swiss subsidiary on Wednesday, after launching a money-laundering investigation over a report that the bank helped hide millions of dollars for drug traffickers, arms dealers and celebrities.  (AP Photo/Keystone,Martial Trezzini)

The logo of HSBC Private Bank is pictured in Geneva, Switzerland, Wednesday. Feb. 18, 2015. Geneva prosecutors searched the premises of HSBC’s Swiss subsidiary on Wednesday, after launching a money-laundering investigation over a report that the bank helped hide millions of dollars for drug traffickers, arms dealers and celebrities. (AP Photo/Keystone,Martial Trezzini)

GEIR MOULSON, Associated Press

BERLIN (AP) — Geneva prosecutors searched the premises of HSBC’s Swiss subsidiary on Wednesday after launching a money-laundering investigation over a report that the bank helped hide millions of dollars for drug traffickers, arms dealers and celebrities.

Prosecutors said they were investigating HSBC Private Bank (Suisse) SA and persons unknown for suspected aggravated money laundering. The investigation could later be extended to people suspected of committing or participating in money laundering, they said in a statement.

The investigation stemmed from “the recent public revelations” about the private bank, prosecutors said. They said a search at its premises in Geneva was carried out Wednesday, but gave no details.

Last week’s report from the International Consortium of Investigative Journalists and several news organizations found that the bank hid millions of dollars as it helped wealthy people around the world dodge taxes.

It was based on leaked documents covering the period up to 2007 and relating to accounts worth $100 billion held by more than 100,000 people and legal entities from 200 countries.

A former HSBC employee, Herve Falciani, gave the data to French tax authorities in 2008. France shared it with other governments and launched investigations. The French newspaper Le Monde obtained a version of the data and shared the material with the ICJ, which analyzed the material together with other international media.

Some details of such operations were disclosed previously, when HSBC — which is based in London but has operations globally — was fined in 2012 by the U.S. for allowing criminals to use its branches for money laundering. But this month’s report disclosed a more detailed cache of data and information.

“We have cooperated continuously with the Swiss authorities since first becoming aware of the data theft in 2008 and we continue to cooperate,” HSBC’s Swiss subsidiary said in a brief emailed statement Wednesday.

Its CEO, Franco Morra, said last week that the private bank had shut down accounts from clients who “did not meet our high standards,” and that the revelations about “historical business practices” were a reminder that the old business model of Swiss private banking was no longer acceptable.

Prosecutors said they were targeting the HSBC private bank under a law that allows companies to be investigated independently of whether any employees are culpable “if it can be accused of not having taken all the organizational measures necessary” to prevent violations of the law.

Last year, Swiss authorities indicted Falciani on charges of data theft and said they may try him in absentia.

____

Frank Jordans contributed to this report.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Oakland Post: Week of January 8 – 14, 2025

The printed Weekly Edition of the Oakland Post: Week of January 8 – 14, 2025

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To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.

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Oakland’s Black Chamber of Commerce Awards 63 Businesses $1,000 Micro Grants

“Our members are essential to Oakland’s economic and cultural fabric,” said Cathy Adams, president of the OAACC. “These grants are a testament to our dedication to fostering business growth and sustainability within our community.” The microgrants are designed to provide vital support for members to strengthen their operations, invest in growth opportunities, or meet pressing needs, Adams added.

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Cathy Adams, president of the OAACC. Photo courtesy of the OAACC.
Cathy Adams, president of the OAACC. Photo courtesy of the OAACC.

By Oakland Post Staff

Last week, the Oakland African American Chamber of Commerce (OAACC) announced the distribution of $63,000 in microgrants to 63 member businesses. These $1,000 grants, generously sponsored by Supervisor Nate Miley, Amazon, and the Tides Foundation, reflect the organization’s goals and unwavering commitment to empowering Black-owned businesses in Oakland.

“Our members are essential to Oakland’s economic and cultural fabric,” said Cathy Adams, president of the OAACC. “These grants are a testament to our dedication to fostering business growth and sustainability within our community.”

The microgrants are designed to provide vital support for members to strengthen their operations, invest in growth opportunities, or meet pressing needs, Adams added.

As part of this initiative, OAACC leaders are encouraging all grant recipients to inspire their communities to support Oakland-based businesses by shopping locally, sharing referrals, and following their social media pages.

For more information about the OAACC and the organization’s initiatives, please visit www.oaacc.org.

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Port of Oakland to Host January Meeting for Interfaith Council of Alameda County

State, county, and city officials have been invited to join ICAC board members and the community to explore effective strategies for addressing these interconnected challenges across Alameda County, including ICAC’s Safe Car Park program expansion and efforts to convert trailers into shelter for the unhoused.

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The Port of Oakland. Courtesy photo.
The Port of Oakland. Courtesy photo.

Special to The Post

The Interfaith Council of Alameda County (ICAC) will hold its first meeting of 2025 on Thursday, Jan. 9, at the Port of Oakland, located at 530 Water St. Hosted by the president of the Port of Oakland, the meeting will run from 1-2:30 p.m. and will focus on pressing community issues including environmental justice, housing solutions, and crime and safety.

State, county, and city officials have been invited to join ICAC board members and the community to explore effective strategies for addressing these interconnected challenges across Alameda County, including ICAC’s Safe Car Park program expansion and efforts to convert trailers into shelter for the unhoused.

All are welcome and encouraged to attend and contribute to this important discussion. For more information, visit interfaithAC.org.

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