June 17, 2016
Spanish authorities are investigating some Banco Santander SA and BNP Paribas SA employees amid allegations they may have helped shield customers’ international transfers from tax authorities, according to a person familiar with the probe.
Investigators are trying to work out who within the banks may have been responsible for the alleged transactions by analyzing evidence including papers they took from the lenders’ offices earlier this month, said the person, who asked not to be named as the investigation is ongoing.
The probe is examining whether Santander and BNP Paribas may have helped HSBC Holdings Plc clients evade taxes on funds transferred to Spain from HSBC’s Swiss unit, the person said. Once they have identified the suspects and if the evidence backs up their current suspicions, the investigators plan to recommend charges of money laundering and request jail terms for the individuals involved, and a fine for the banks, said the person. Under the current legislation, money laundering carries a sentence of as much as six years in prison.