HSBC comes under the spotlight over Swiss tax affair

HSBC is facing an inquiry in Britain and a criminal investigation in the US into allegations that its Swiss private bank may have helped some customers evade taxes. Authorities in France, Belgium and Argentina are also looking into the claims. The bank has faced a barrage of criticism after a leak of bank data five years ago was passed to the media revealing that HSBC Switzerland had helped some customers hide undeclared assets. The US officials said they were not simply looking at HSBC's US clients but could consider a criminal indictment against the bank itself. Officials also made threats to revisit a deferred 2012 prosecution agreement with the bank which was part of a $1.9 billion deal allowing the bank to avoid criminal charges over an illicit drugs deal.