What tax fraud was HSBC accused of in France?

HSBC was accused of aggravated tax fraud related to intra-group dividend arbitrage transactions between 2014 and 2019.

How much did HSBC pay to resolve the French tax fraud case?

HSBC paid nearly 268 million euros ($312.9 million) to French authorities.

Is the HSBC tax fraud case in France now closed?

Yes, the case has been shelved with the payment of the fine, following HSBC's cooperation and corrective measures.

Home / Business and Economy / HSBC Pays $313M Fine for French Tax Fraud

HSBC Pays $313M Fine for French Tax Fraud

10 Jan

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Summary

HSBC paid nearly 268 million euros ($312.9 million) to French authorities.
The payment resolves accusations of aggravated tax fraud related to dividend payments.
The case is now shelved following the bank's cooperation and corrective measures.

HSBC Pays $313M Fine for French Tax Fraud

HSBC has settled a tax fraud investigation in France by agreeing to a fine of nearly 268 million euros ($312.9 million). French financial prosecutors announced that the case concerning alleged aggravated tax fraud, linked to intra-group dividend arbitrage transactions between 2014 and 2019, will be shelved.

The lender acknowledged its cooperation with the investigation and the implementation of corrective measures to address historical issues. HSBC stated it was pleased to have resolved the matter and remains focused on serving its customers. The settlement brings a close to the proceedings initiated by French authorities.

The investigation centered on HSBC's French operations and their involvement in trading activities designed to exploit tax exemptions on dividend payments. The agreement signifies the conclusion of this legal challenge for the banking giant.