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HSBC under fire over 'tax dodging' client data

US authorities step up investigation while British lawmakers plan inquiry into the bank

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"We acknowledge and are accountable for past compliance and control failures," HSBC said after news outlets published the allegations about its Swiss private bank.

Zurich

HSBC Holdings Plc faces investigation by US authorities and an inquiry by British lawmakers after admitting failings by its Swiss private bank that may have allowed some customers to dodge taxes.

US prosecutors have stepped up efforts to establish whether HSBC, the world's