Court approves France’s first DPA against HSBC Private Bank (Suisse)

Kathryn Hughes, barrister at QEB Hollis Whiteman (www.qebholliswhiteman.co.uk)

On 14 November [2017], the Cour d’appel de Paris approved the first Deferred Prosecution Agreement (DPA) since France implemented its new anti-corruption legislation, Sapin II, writes Kathryn Hughes, barrister at QEB Hollis Whiteman. HSBC Private Bank (Suisse) SA (PBRS), the Swiss private banking unit of HSBC, reached an agreement with the French financial prosecutor, Parquet National Financier (PNF), to pay a total of €300 million to resolve offences relating to money laundering and tax evasion through a French DPA.