(MENAFN) According to French Financial prosecutor, the Swiss unit of British banking giant HSBC, HSBC Private Bank has agreed to pay 300m Euros in order not to go to trial over charges of tax fraud.
The prosecutor stated that the HSBC Private Bank "is committed to pay a total sum of 300 million Euros which will abound the state's budget."
It added: "the bank recognizes the existence of the facts against it and accepts their legal definition," by signing Judicial Public Interest Agreement (CJIP)
The CJIP would be the first settlement of its kind signed in France, offers firms that are going through legal proceedings over fraud or money laundering the opportunity to end their criminal actions.
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