Belgian tax authorities are claiming over 367 million in taxes from Belgians who kept accounts with HSBC Private Bank in Switzerland, according to a Belgian newspaper, L’Echo.
The authorities found that around 2,450 Belgians had 3,137 accounts with HSBC’s private banking arm in Geneva, where each had in between 15,000-79 million.
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Citing the newspaper, Business Recorder said some of the accounts were held in the names of Panamanian front companies.
According to Brussels prosecutors, Belgian police raided some 20 HSBC Private Bank clients’ homes in Brussels and Antwerp as part of investigation into tax evasion.
Prosecutors said 90 federal agents were seeking to establish what part HSBC Private Bank’s Swiss arm in Geneva might have played in the administration of its Belgian client base.
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By GlobalData
