Swiss Police raids HSBC HQ


Zurich: Geneva’s public prosecutor searched the premises of HSBC Holdings PLC in Geneva on Wednesday. After carrying out the raid, it had opened a criminal inquiry into allegations of money laundering.

“A search is currently underway in the premises of the bank, led by Attorney General Olivier Jornot and the prosecutor Yves Bertossa,” Geneva’s prosecutor said in a statement.
HSBC, Europe’s biggest bank, apologised to customers and investors on Sunday for past practices at its Swiss private bank following allegations that it helped hundreds of clients dodge taxes.
The prosecutor said its investigation was into HSBC Private Bank (Suisse) and could extend to individuals. Spokesmen for HSBC in Geneva and London declined to comment.