HSBC Switzerland has been charged by French authorities for “illicit financial and banking practices”.
This comes after the company was placed under investigation last year following the leak of the so-called Lagarde List which is said to contain the names of thousands of HSBC clients with Swiss bank accounts.
According to the Guardian, the investigation has found that the HSBC private bank helped clients in an organised manner evade an astonishing $5bn in taxes. Yes $5,000,000,000.
If French authorities are planning a wider inquiry into “illicit financial and banking practices” at HSBC Switzerland, they may well like to get in touch with their colleagues in Britain, or as they are known in France, Le Hog Roast.