HSBC TO PAY NEARLY €300 MILLION TO END BELGIAN CRIMINAL PROBE INTO DIAMOND TRADING

The Mail & Guardian and others reported on 6th August that HSBC has agreed to pay nearly €300 million to end a Belgian criminal investigation into allegations of massive fraud and money laundering involving wealthy diamond traders.  The allegations relate to a Swiss subsidiary mainly involved assets owned by wealthy clients in Antwerp, the world’s main diamond-trading hub.  It is said it helped hundreds of rich clients cheat the Belgian taxman including by giving them access to offshore accounts in overseas tax havens.  The bank will also hand over €400,000 in civil damages to the Belgian state.

https://mg.co.za/article/2019-08-06-hsbc-to-pay-nearly-300mn-to-end-belgian-criminal-probe

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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