Swiss HSBC settles French tax fraud dispute

HSBC tax offenses France Herve Falciani UBS

HSBC's Swiss private bank said it is ending a long-running French investigation over offshore accounts by paying a fine.

With a payment of €300 million (CHF350 million), the Swiss subsidiary of British bank HSBC has settled its tax fraud dispute with the French authorities.

By signing Judicial Public Interest Agreement (CJIP), "the bank recognizes the existence of the facts against it and accepts their legal definition", it said.

The scandal goes back to 2009, when banker-turned-whistleblower Hervé Falciani handed over reams of bank documents on alleged French tax cheats to prosecutors in France.

FDA issues strong warning about kratom to treat pain, opioid addiction
Until someone does the science the agency is requesting, the FDA will attempt to prevent shipments of kratom from entering the US. It asked the FDA to expedite a scientific and medical evaluation and a recommendation for how to handle the compounds in kratom.

The French financial prosecutor's office has dismissed the investigation.

French prosecutors began investigating HSBC in 2014 as part of a widening probe into whether the bank breached laws authorizing only French-registered lenders to sign up customers in the country.

It also said that two former directors of HSBC's Swiss private bank remained subject to possible legal action. These 300 million euros, already fully provisioned by the bank, will abound, the budget of the French State.

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