HSBC was accused past year of helping French clients to hide at least €1.67 billion from the tax authorities, according to a source close to the probe.
The fine had been fully provisioned, the lender added. "The parent company UBS AG has finally been returned to the criminal court in march for money-laundering, aggravated fraud tax" and its French subsidiary for "aiding and abetting".
The settlement was the first in France under a new law passed previous year modeled on US deferred prosecution agreements. It may not therefore claim, according to the law, to the benefit of a CJIP.
Lord & Taylor Announces to Sell Premium Fashion on Walmart
Walmart is delving deeper into the fashion world, and it all starts with an unexpected new partnership-with Lord & Taylor. For example, Macy's in 2015 said it would enter China with a virtual store on Alibaba and test demand in that market.
Credit Suisse Charged by New York State Department
The state said Credit Suisse predicted that the algorithm would generate about $2 million in profits in 2013. In late September, the British bank HSBC agreed to pay $175 million to avoid prosecution.