HSBC bank placed under formal investigation in FranceNovember 21, 2014 - 21:19 AMT PanARMENIAN.Net - HSBC bank was placed under formal investigation in France over services it offered to clients required to pay taxes in France, just days after the private banking branch was charged in Belgium with organized fiscal fraud, the Associated Press reports. Switzerland-based HSBC Private Bank said Friday that French investigators demanded a 50 million euro ($62 million) bond. The office of France's financial prosecutor confirmed that an investigation was opened on Tuesday. France's government is increasingly cracking down on tax dodgers, including establishing an office dedicated solely to investigating financial crimes. HSBC said the investigation involves the bank's actions in France from 2006 to 2007. HSBC, Europe's largest bank by market value, has had similar problems in recent years. Two years ago, it agreed to pay a $1.9 billion fine in the U.S. to settle a money-laundering probe. It faced accusations it transferred funds through the U.S. from Mexican drug cartels and on behalf of nations such as Iran that are under international sanctions. In Belgium, prosecutors said the private banking branch is suspected of "promoting and encouraging fiscal fraud" by putting offshore companies in Panama and the Virgin Islands at the disposal of clients. It said the companies were created to hide clients' assets. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. |