The US Department of Justice (DoJ) is considering bringing criminal charges against HSBC and its executives as part of its investigation into whether the bank’s Swiss subsidiary helped, amongst others, wealthy US clients evade taxes. The fact that HSBC as a bank and not just its clients and employees could face prosecution is a significant step int the inquiry process.
From The Guardian US government sources the investigation is described as ‘very active’ but ‘the same official did not provide a timeline for its completion, nor give an indication of the likelihood of criminal charges against the bank. The official declined to say which, if any, bankers might face charges’.
The bank says these are conducts of the past and it now has proper controls in place.