Geneva Prosecutor Drops HSBC Probe

Geneva Prosecutor Drops HSBC Probe by swissinfo.ch Geneva’s state prosecutor has ended its money laundering investigation at HSBC’s Swiss branch after the bank agreed to pay the cantonal authorities CHF40 million ($43 million) in compensation without admitting guilt. The bank said in a statement on Thursday that the payment was compensation to local authorities for past organizational failings and that no criminal charges would be filed. On February 17, Geneva’s public prosecutor carried out a dramatic raid of HSBC’s lakeside Swiss office and initiated proceedings for suspected money laundering. This followed numerous investigations around the world into HSBC’s Swiss private…