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HSBC to pay $352m to resolve Swiss bank tax probe

HSBC Holdings PLC (LON:HSBA) will pay €300mln to settle an investigation by French authorities into tax evasion by clients of its Swiss bank.

HSBC was accused previous year of helping French clients to hide at least €1.67 billion from the tax authorities, according to a source close to the probe.

The financial prosecutor added in a statement that the settlement was the first of its kind under a new French legal framework.

The deal does not include a guilty plea. Other countries such as Argentina, Belgium, Spain and the United States also started investigations.

HSBC has admitted that the private Swiss bank made mistakes. The bank says it has since taken measures to prevent tax fraud.



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