money

HSBC to pay $43 mn in probe over Swiss subsidiary’s tax evasion

HSBC said it will pay 40 million Swiss francs ($43 million) in compensation to Geneva authorities to avoid charges of money laundering for its Swiss subsidiary. The fine is the biggest ever in Geneva’s history.

“The investigation found that neither the bank nor its employees are suspected of any current criminal offences,” HSBC said in a statement on Thursday, according to the Guardian. The bank added that the probe was closed.

The Genevan authorities said the payment, which is being described as “compensation”rather than a fine, was in line with the profits obtained by HSBC from processing illicit funds.

The bank also said it has improved practices to keep clients from using the bank “to evade taxes or launder money,” and drastically reduced the number of its accounts.

When announcing the fine, the judge warned HSBC it was its final warning.

“This is an excuse which will only apply once,” Olivier Jornot, Geneva’s chief prosecutor said, according to the Guardian. He also blamed the weakness of Swiss law with regards to criminal funds entering the financial system.

Geneva opened a money laundering investigation into HSBC’s alleged illegal tax activity earlier in February. Swiss police then raided the bank’s Geneva office. Europe’s largest bank came under fire after the International Consortium of Investigative Journalists published a report naming 100,000 clients that were using the bank to dodge taxes.

The revelations came from a list of HSBC’s clients stolen by a former HSBC computer technician, Herve Falciani, back in 2008. Falciani shared the confidential data with French authorities. More

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Why did the Cayman Islands not prosecute HSBC for allegedly money laundering in the Cayman Islands? Editor

 

 

12-Year Old Victoria Reveals One Of The Best Kept Secrets In The World

It’s a truly incredible time we live in. Think back to all the amazing revolutions we’ve learned about in history.

There’s been some amazing changes that have taken place and the implications of people standing up and doing something different has been huge. After all it led us to where we are today. As destructive and close to extinction as we are, we’ve done some amazing things at the same time and the power of human creativity and love has shown itself.

To hear a young girl speak about facts of our world like Victoria does in the video below is amazing. It not only shows that younger generations simply won’t stand for the current world we live in, but that we can look to people other than the so-called “experts” for creative answers to our current challenges.


Victoria speaks about how our world financial system really works and how it was specifically designed to enslave the population.

Deep Secrets Kept From Us

Most people in the world, young or old, have little idea that our world is so incredibly corrupt and coldly calculated to create an enslaved population.[1] Luckily, this is changing with each passing day as a switch seems to be turning on in people that allows them to see and realize that something isn’t quite right here.

This triggers us to search for answers and with the bevy of information in books, films and on the internet about the true workings of our world, people have the ability to go beyond limited institutions, such as the educational system, to find out what’s really going on. This is likely how Victoria found this information as it’s doubtful she learned it in school.

Check out her powerful message in the video below. Regardless of the fact that the solution she presents may not be complete nor the most advanced, it would undoubtedly be a positive step in the right direction.

Please use this as a tool to pass on to others so they can understand what type of system they really live in. More