Money-laundering case: Geneva authorities order HSBC to pay £28mn
June 5 , 2015
Geneva authorities have ordered HSBC to pay £28 million and warned that “organisational” deficiencies that permitted money laundering at the bank’s subsidiary cannot be used as an excuse a second time.
According to the settlement, Swiss authorities will not prosecute the bank or publish their probe findings. The penalty is the biggest ever imposed by the Swiss.
Olivier Jornot, Geneva’s chief prosecutor, also criticized the “weakness of Swiss law” that “doesn’t punish financial intermediaries accepting doubtful funds.”