The Geneva prosecutor’s office said in a statement on Wednesday that it had opened a criminal inquiry into possible aggravated money laundering against HSBC Private Bank (Suisse), but it did not provide additional details.
Depending on the results of the inquiry, the process is likely to extend to individuals who would be suspected of committing money laundering or participating in those acts, the prosecutor’s office said in a statement.
The latest inquiry comes amid recent media reports providing new details about efforts by HSBC, a British bank, and its Swiss private banking arm to help wealthy clients avoid taxes. The activity at issue dated back to 2007.
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