The heir to the Nina Ricci perfume dynasty has been sentenced to three years in prison, two of them suspended, after being convicted on Monday of hiding money from the French taxman with the help of HSBC. A Paris court also fined Arlette Ricci €1m (£722,000) after declaring she had shown a “particularly determined willingness […]

HSBC said in a statement Thursday that French magistrates ordered a formal criminal investigation (“mise en examen”) into HSBC’s Swiss Private Bank for alleged tax-related offenses. The statement said bail of €1 billion ($1.075 billion) was imposed. “HSBC Holdings plc believes the French magistrates’ decision is without legal basis and the bail is unwarranted and […]

Prosecutors in Geneva have raided the offices of HSBC’s scandal-hit private bank as pressure increases on Britain’s biggest lender over allegations of money laundering and tax evasion. The raid forms part of a criminal inquiry amid accusations that the bank helped customers, including arms dealers and blood diamond traders, move money around the world. It […]

Documents detail customers who faced allegations including drug-running, corruption, doping and money laundering Read More http://bit.ly/16Z12Uc