NEW YORK (TheStreet) -- Swiss authorities raided the offices of HSBC (HSBC) today as a part of an alleged money laundering investigation that was spurred by an International Consortium of Investigative Journalist report last month that the bank's Swiss operations helped clients conceal over $100 billion in an effort to avoid paying taxes.
Geneva Attorney General Olivier Jornot and prosecutor Yves Bertossa are overseeing the investigation into what the prosecutors's office described as "aggravated money laundering," according to the Wall Street Journal.
A former HSBC employee provided the ICIJ with the information that led to last month's article alleging that the U.K.-based bank sheltered secret accounts for clients looking to avoid taxes.
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The bank said that it is complying with the government's ongoing investigation.
HSBC shares are up 0.93% to $46.69 in trading today.HSBC data by YCharts