France probes HSBC over possible tax dodging clients

Government And Institutions Associated Press

HSBC says it has been placed under formal investigation in France over services it offered to clients required to pay taxes in France.

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In a statement Friday, Switzerland-based HSBC Private Bank said French investigators demanded a 50 million euro ($62 million) bond.

France's government is increasingly cracking down on tax dodgers, including establishing an office dedicated solely to investigating financial crimes.

HSBC said the investigation involves the bank's actions from 2006-2007.