Swiss raid HSBC Geneva as criminal inquiry opens

Geneva’s public prosecutor searched the premises on Wednesday and said it had opened a criminal inquiry into allegations of aggravated money laundering.

“We are looking for everything and anything we can find – documents and files,” a spokesperson for the prosecutor said.

‘Aggravated money laundering’

The decision to investigate the bank over allegations of “aggravated money laundering” was taken this week, he added.

The statement said the scope of the investigation would affect individuals who are suspected of having committed or participated in money laundering.

HSBC tax secrecy timeline: who knew what, and when?

The search of the bank’s premises was carried out by Geneva public prosecutor, Olivier Jornot, and prosecutor Yves Bertossa.

The bank has said in an earlier statement that it would co-operate with all relevant authorities. HSBC declined to comment about the raid.

‘Tax avoidance’

HSBC, Europe’s biggest bank, apologised to customers and investors on Sunday for past practices at its Swiss private bank following allegations that it helped hundreds of clients dodge taxes.

See more: who is to blame for HSBC tax evasion?

The bank has said compliance and controls at its Swiss private bank in the period up to 2007 fell short of requirements. But it said the business had been transformed in recent years, adding that many people alleged to have been customers had long since left, and that some never werer clients at the bank.

The disclosures have sparked a political row in Britain over practices at HSBC and whether the UK tax authorities have done enough to pursue possible wrongdoers.

See our Economics Editor Paul Mason’s HSBC report from 11 February: