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HSBC settles money-laundering case with Belgium for €300M

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HSBC settles money-laundering case with Belgium for €300M

The Swiss private banking arm of HSBC Holdings PLC will pay €294.4 million to the Belgian state to settle a tax fraud case, Reuters reported Aug. 6.

The bank was charged in 2014 for "serious and organized tax fraud, forgery and falsification of records, money laundering and illegal use of financial intermediaries," according to Belgian prosecutors cited by the newswire.