HSBC Swiss unit to pay $192 million to resolve latest U.S. tax evasion deal

HSBC Swiss unit to pay $192 million to resolve latest U.S. tax evasion deal

The Swiss private banking unit of HSBC Holdings Plc will pay $192.4 million to resolve a U.S. probe of its role in helping wealthy Americans evade taxes through undeclared Swiss bank accounts, according to the U.S. Department of Justice (DoJ).

The DoJ’s deal with HSBC Private Bank (Suisse) is the latest in which numerous Swiss-based banks, including UBS and Credit Suisse Group, have paid billions of dollars in settlements and penalties for conspiring to help rich Americans dodge taxes.

Court documents show that the DoJ filed a charge of conspiracy to defraud the U.S. against HSBC Private Bank (Suisse) but agreed to drop it after three years if the bank were to abide by the deal’s terms.

“Some HSBC Switzerland bankers assisted clients in closing their accounts in a manner that continued to conceal their offshore assets,” U.S. prosecutors said in a statement.