Brussels Arraigns HSBC on Alleged Tax Fraud, Money Laundering

``Belgian judicial investigator Michel Claise has accused HSBC Private Bank SA (Suisse), a subsidiary of banking corporation HSBC Holdings of aiding several hundreds of its Antwerp-based clients, among whom are diamond dealers, to illicitly move their money from Swiss bank accounts to offshore holding companies, mostly in Panama and the British Virgin Islands. This capital offshoring was undertaken as a tax evasion scheme, the prosecution alleges, according to a Wall Street Journal report.''