By PAUL O’DONOGHUE, Senior Correspondent
LONDON-based bank HSBC has agreed to pay €267.5 million ($312 million) to the French treasury to settle up a case over fraud on dividend tax payments, French financial prosecutor’s office said.
HSBC had already repeaid €35 million in due interest payments and other sanctions. The settlement must still be approved by a judge.
The proposed agreement would end an investigation by France’s financial prosecutor, without any admission of guilt by the bank.
The move comes after a probe into how HSBC handled some dividend trades between 2014 and 2019. Officials investgated whether some operations helped it to avoid tax.
“The settlement . . . recognises the bank’s co-operation with the investigation. As well as the corrective measures it took to address the historic issues,” HSBC said.
We hope you enjoyed reading this article
If you would like unlimited access to AML Intelligence premium articles, newsletter delivered twice a week, access to our Global Bank Fines and Penalties database, free access to Boardroom Series events and much more, select one of our subscription options and become a subscriber!
