A Switzerland-based HSBC unit admitted helping Americans evade taxes over a decade and agreed to pay $192 million to settle criminal charges
WASHINGTON—A Switzerland-based subsidiary of HSBC Holdings PLC on Tuesday admitted helping Americans evade taxes over a decade and agreed to pay $192 million to settle criminal charges.
The penalty includes $60 million that represents the value of unpaid taxes resulting from HSBC Private Bank’s role in the conspiracy, U.S. authorities said. The total fine also includes $71.8 million in revenue that must be forfeited, stemming from fees earned from handling the undeclared accounts, according to the U.S. Justice Department.
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