News

HSBC Private Bank in Geneva is the target of parallel investigations in Switzerland and France after allegedly playing a pivotal role in laundering $330 million embezzled from Banque du Liban, Lebanon's central bank, starting in 2002. Based on the findings of an earlier investigation into Riad Salameh, former head of Banque du Liban, and Raja, his brother, Switzerland's Office of the Attorney General, or OAG, opened a new investigation in January to determine whether HSBC Private Bank, an unidentified "natural person" and "persons unknown" laundered the stolen funds. During his time at the helm of Banque du Liban, Riad Salameh,...