Money-laundering probe: Swiss police conduct raid at HSBC's Geneva office

  • The offices of HSBC bank’s Geneva subsidiary have been searched by the Swiss police as part of an inquiry into allegations of money-laundering.

    HSBC has that said it is “cooperating” with the authorities. The raid comes after allegations emerged that the Swiss private bank of HSBC may have facilitated tax evasion of wealthy clients.  

    Franco Morra, the CEO of the HSBC Swiss private bank, had earlier said that accounts of clients not meeting “our high standards” had been shut.

    Tagged as: HSBC bank, Geneva subsidiary, Swiss police, money-laundering, Swiss private bank, Franco Morra, business news