World Economy

HSBC Charged With Fraud

HSBC  Charged  With FraudHSBC  Charged  With Fraud

Belgian prosecutors charged a subsidiary of British bank HSBC on Monday with fraud and money-laundering worth hundreds of millions of euros, mainly for diamond dealers in the industry’s international hub of Antwerp. Swiss subsidiary HSBC Private Bank SA (Suisse), which is wholly owned by the Asia-focused banking giant, allegedly helped hundreds of clients cheat the Belgian state, AFP reported.