BELGIAN police raided the homes in Brussels and Antwerp of some 20 clients of HSBC Private Bank yesterday as part of an investigation into tax evasion, Brussels prosecutors said.
The prosecutors’ office said in a statement that the investigation had begun after French tax officials handed a CD to their Belgian counterparts containing details of HSBC Private Bank accounts in Switzerland held by Belgian residents.
They said 90 federal agents were tasked with establishing what part HSBC Private Bank’s Swiss arm in Geneva might have played in the administration of its Belgian client base. HSBC declined to comment.
City A.M. Reporter