HSBC's Geneva office raided by Swiss police

HSBC bank’s Geneva offices have been raided by the police today as part of a money-laundering inquiry.

Prosecutors are investigating HSBC Private Bank (Suisse) for “suspected aggravated money laundering”.

According to the FT, a spokesperson for the Geneva public prosecutor said: “We are looking for everything and anything we can find — documents and files”.

Last week, HSBC came under fire for allegedly helping wealthy customers “hide millions” in Switzerland. The allegations were made based on leaked HSBC files from 2005, 2006 and 2007.

HSBC CEO Franco Morra admitted last week that the bank’s “historical business practices” should be re-examined. He went on to say that HSBC had shut down accounts of clients who did not meet the bank’s “high standards”.

Over the weekend, HSBC issued apologies in various national newspapers.

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