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HSBC hit by new allegations

HSBC hit by new allegations

Category: Banking

Updated: 28/08/2012
First Published: 28/08/2012

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Another week, another scandal for HSBC, as accusations emerge that it assisted US clients with alleged tax evasion.

The bank, along with others such as Credit Suisse and Julius Baer, is under investigation by US regulators who claim that its Swiss employees assisted its affluent American customers with tax avoidance.

HSBC has confirmed that it has provided the authorities with thousands of documents relating to the dealings, with a list of the staff involved, although the names of the clients have apparently been crossed out.

The bank is already under investigation in the US over allegations of hidden transactions with Iranian clients, breaching sanctions. Ongoing investigations are also being conducted by UK and US regulators over its involvement in the Libor rate fixing fiasco, which has so far seen Barclays fined a record £290 million.

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