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Coutts' Swiss bank in tax probe

German prosecutors are investigating the Swiss private banking arm of Coutts over allegations it helped clients evade tax.

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Italy and Switzerland have signed a deal to work together on tackling tax evasion.

The Guardian is reporting that HSBC chief executive Stuart Gulliver holds 5m in a Swiss bank account through a Panamanian company.

Swiss police are searching offices of the Geneva subsidiary of HSBC bank in an inquiry into alleged money-laundering.

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