HSBC hit with £27.8m Geneva money laundering fine
Geneva authorities have shuttered an investigation against HSBC for alleged “organisational deficiencies” allowing the bank to launder money through its Swiss subsidiary.
To settle accounts with the Swiss government, HSBC had to dish out a fine of £27.8m, the largest ever issued by Geneva.
Geneva chief prosecutor Olivier Jornot was quoted by the Guardian as saying: “This matter shows the weakness of Swiss law in the matter of entry of criminal funds into the financial system,” with Jornot threatening the bank not to breach rules again.
“This is an excuse which will only apply once.”
The investigation came to a head following a raid Read full story ›
Source: The Drum
