U.K. Weighing Money Laundering Case Against HSBC, Tax Regulator Says

By Brian Orsak and Irene Madongo

The U.K. is considering a money laundering investigation of HSBC's Swiss operations in light of recent allegations that the bank maintained accounts for financial criminals, a British official said Wednesday. In a heated hearing of the House of Commons Public Accounts Committee, British lawmakers repeatedly questioned HM Revenue & Customs (HMRC) Permanent Secretary Lin Homer about the lack of stronger measures against the bank since obtaining data from France on its link to possible tax evasion. The agency, which does not have oversight of banks, obtained the information from French officials on the condition that it be used only for...