GENEVA: Swiss Police raided HSBS Geneva Office, as investigation of money laundering leads to HSBC office in Geneva.

According to the sources the premises of HSBC Swiss branch was searched by authorities on Wednesday and authorities believe that the bank has been involved in helping terrorists, royalty and drug dealers to conceal their identities to avoid taxes.

The CEO of the HSBC issued a public apology in the wake of revelations he said that he apologised for the malpractice done by the bank in past but in the current time with new management the bank absolutely has no appetitive to do business with clients who evade their taxes.

HSBC is one of the Europe’s largest bank, and the world’s second largest bank. The bank became the centre of controversy when two weeks ago the International Consortium of Investigative Journalists published a report and name 100,000 clients that were using HSBC bank to dodge taxes.

This controversy against HSBC is not new in fact bank was accused of malpractice by its own employee back in 2008, when former computer technician of bank Herve Falciani blew the whistle on company’s practices by disclosing the data which shows that bank use to help its clients to evade taxes.

Falciani at that time stole the confidential data from the bank to provide as evidence and gave the data to the French finance minister of that time, Christine Lagarde.

However, back in 2005-2007, the bank allegedly attracted clients with the promise to help them in evading taxes. At the time, bank controlled $100 billion assets.

Now once again HSBC is under investigation and being accused for money laundering. The private branch of bank was searched on Wednesday by Swiss police in Geneva.

According to the official prosecutors they are opening cases against HSBC Swiss subsidiary for being involved in money laundering and alleged illegal tax activity.