A Belgian investigating judge has charged a Swiss private banking branch of HSBC with massive organized fiscal fraud, money laundering and forming a criminal organization to the benefit of over 1,000 wealthy clients that cost the Belgian authorities “hundreds of millions of euros.” The prosecutor’s office said Monday the accusations against HSBC Private Bank NV/SA are based on its involvement over the years with “wealthy clients, specifically from the Antwerp diamond industry.” It said the justice ministry is also looking into possible money laundering. In August, HSBC Holdings PLC said it knew inquiries were ongoing and that the penalties “could be significant.” On Monday, it said it had been notified of the formal investigation by the Belgian judge.
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