HSBC Swiss bank fined over US tax evasion

HSBC Private Bank (Suisse) SA has entered into a deferred prosecution agreement (DPA) with the US Department of Justice after admitting it had conspired with US taxpayers to evade taxes. The bank will pay penalties of $192.35m (£146.7m) to resolve the US investigation.

Internal Revenue Service criminal investigation chief Don Fort said: ‘When financial institutions devise a massive tax evasion scheme and actually facilitate the activity they not only must be held accountable they must take actions to ensure this behaviour will not happen again. The integrity of our nation’s tax system depends on voluntary compliance and fair consistent enforcement of the law.’

According to the terms of the DPA HSBC Switzerland will have to disclose information it may later uncover regarding US-related accounts as well as information consistent with the department’s Swiss bank program relating to accounts closed between 1 January 2009 and 31 December 2017....