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* HSBC Swiss unit latest to reach U.S. DoJ deal
* U.S. accused bank of helping rich Americans hide assets
* Swiss banks have paid billions of dollars
(Adds details, comments and background)
By John Miller
Dec 10 (Reuters) - The Swiss private banking unit of HSBC
Holdings Plc will pay $192.4 million to resolve a U.S.
probe of its role in helping wealthy Americans evade taxes by
using undeclared Swiss bank accounts, the U.S. Department of
Justice said on Tuesday.
The DoJ's deal with HSBC Private Bank (Suisse) SA is the
latest in which numerous Swiss-based banks, including UBS
and Credit Suisse Group, have paid billions of
dollars in settlements and penalties for conspiring to help rich
Americans dodge taxes. [https://tinyurl.com/vmeuabw
]
The hard line taken by U.S. authorities over the last decade
has helped pressure Switzerland to end banking secrecy that long
allowed offshore clients to stash money in accounts in the
republic. The Swiss government has deals with many countries to
exchange information about accounts held by foreigners. [https://tinyurl.com/y445cx7p
]
In this latest case, the DoJ filed a charge of conspiracy to
defraud the United States against HSBC Private Bank (Suisse) but
agreed to drop it in three years if the bank abides by the
deal's terms, court documents show.
The charge relates to HSBC Private Bank (Suisse)'s conduct
between 2000 and 2010, when the DoJ said the Geneva-based bank
assisted U.S. clients in hiding offshore assets and income. Its
bankers traveled to cities, including Miami, to scout for
clients, the department said.
Even as the DoJ began investigating Swiss banks, including
UBS, around 2008 for tax-dodging schemes, prosecutors said some
HSBC Private Bank bankers continued the cross-border business
with U.S. residents.
"Some HSBC Switzerland bankers assisted clients in closing
their accounts in a manner that continued to conceal their
offshore assets," U.S. prosecutors said in a statement.
UBS agreed to pay $780 million in fines, penalties, interest
and restitution in 2009 for helping Americans hide their assets
from U.S. tax authorities. In 2014, Credit Suisse paid $2.6
billion.
Many other Swiss banks have followed suit, including HSBC
Private Bank, which said it cooperated with U.S. authorities,
swapped out bankers and changed how it does business.
"Today the Swiss subsidiary operates under new management,"
Chief Executive Alex Classen said in a statement. "We have
strengthened our compliance function, enhanced our control
framework and put in place a comprehensive client tax
transparency policy."
In 2017, HSBC paid 300 million euros ($330.6 million)to
settle a separate investigation on tax evasion by French
citizens via its Swiss private bank after an ex-employee leaked
client data that spawned investigations in several countries.
($1 = 0.9073 euros)
(Reporting by John Miller; Additonal reporting by Bharath
Manjesh in Bengaluru; Editing by Shailesh Kuber and Dan Grebler)
