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Swiss Prosecutors Probe HSBC Subsidiary for Money Laundering

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The logo of HSBC Private Bank is pictured in Geneva, Switzerland, Wednesday. Feb. 18, 2015.  Geneva prosecutors searched the premises of HSBC's Swiss subsidiary on Wednesday, after launching a money-laundering investigation over a report that the bank helped hide millions of dollars for drug traffickers, arms dealers and celebrities.  (AP Photo/Keystone,Martial Trezzini)

The logo of HSBC Private Bank is pictured in Geneva, Switzerland, Wednesday. Feb. 18, 2015. Geneva prosecutors searched the premises of HSBC’s Swiss subsidiary on Wednesday, after launching a money-laundering investigation over a report that the bank helped hide millions of dollars for drug traffickers, arms dealers and celebrities. (AP Photo/Keystone,Martial Trezzini)

GEIR MOULSON, Associated Press

BERLIN (AP) — Geneva prosecutors searched the premises of HSBC’s Swiss subsidiary on Wednesday after launching a money-laundering investigation over a report that the bank helped hide millions of dollars for drug traffickers, arms dealers and celebrities.

Prosecutors said they were investigating HSBC Private Bank (Suisse) SA and persons unknown for suspected aggravated money laundering. The investigation could later be extended to people suspected of committing or participating in money laundering, they said in a statement.

The investigation stemmed from “the recent public revelations” about the private bank, prosecutors said. They said a search at its premises in Geneva was carried out Wednesday, but gave no details.

Last week’s report from the International Consortium of Investigative Journalists and several news organizations found that the bank hid millions of dollars as it helped wealthy people around the world dodge taxes.

It was based on leaked documents covering the period up to 2007 and relating to accounts worth $100 billion held by more than 100,000 people and legal entities from 200 countries.

A former HSBC employee, Herve Falciani, gave the data to French tax authorities in 2008. France shared it with other governments and launched investigations. The French newspaper Le Monde obtained a version of the data and shared the material with the ICJ, which analyzed the material together with other international media.

Some details of such operations were disclosed previously, when HSBC — which is based in London but has operations globally — was fined in 2012 by the U.S. for allowing criminals to use its branches for money laundering. But this month’s report disclosed a more detailed cache of data and information.

“We have cooperated continuously with the Swiss authorities since first becoming aware of the data theft in 2008 and we continue to cooperate,” HSBC’s Swiss subsidiary said in a brief emailed statement Wednesday.

Its CEO, Franco Morra, said last week that the private bank had shut down accounts from clients who “did not meet our high standards,” and that the revelations about “historical business practices” were a reminder that the old business model of Swiss private banking was no longer acceptable.

Prosecutors said they were targeting the HSBC private bank under a law that allows companies to be investigated independently of whether any employees are culpable “if it can be accused of not having taken all the organizational measures necessary” to prevent violations of the law.

Last year, Swiss authorities indicted Falciani on charges of data theft and said they may try him in absentia.

____

Frank Jordans contributed to this report.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Bay Area

How Is AI Affecting California? The State Wants You to Share Your Story

The program marks the first time the state has opened the platform to all Californians. State officials said the effort is designed to give residents a direct role in discussions about how AI should be regulated and used as the technology rapidly expands across industries.

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By Bo Tefu, California Black Media  

Gov. Gavin Newsom announced May 7 that California is expanding its Engaged California digital democracy initiative statewide, inviting residents to help shape future state policies on artificial intelligence (AI) and its impact on jobs and the economy.

The program marks the first time the state has opened the platform to all Californians. State officials said the effort is designed to give residents a direct role in discussions about how AI should be regulated and used as the technology rapidly expands across industries.

“We’ve got to be clear-eyed about this moment: AI is moving fast, bringing enormous opportunity, but also real risks,” Newsom said in a statement. “Californians deserve a seat at the table as we shape what’s to come.”

The initiative will roll out in two phases. Beginning immediately, Californians can sign up online to share how AI is affecting their work and communities and provide ideas for possible government action. Later this summer, a smaller group reflecting the state’s workforce demographics will participate in live discussions focused on developing policy recommendations.

State officials said the goal is to identify areas of agreement among Californians and provide policymakers with public feedback as the state develops future AI regulations and workforce strategies.

Engaged California is modeled after digital democracy programs used in Taiwan and is intended to encourage structured public discussion rather than social media-style debate. Officials described the effort as a form of “deliberative democracy” aimed at helping residents engage directly in state decision-making.

“The more Californians are engaged in the democratic process, the better able we’ll be to confront the challenges we face together,” said Nick Maduros, California Secretary of Government Operations, in a statement.

The statewide launch builds on two earlier pilot programs. One pilot gathered public input following the Los Angeles firestorms to help guide recovery efforts, while another collected ideas from state employees about improving government operations.

California has positioned itself as a national leader in AI policy and development. Since 2023, the Newsom administration has introduced initiatives focused on responsible AI use in government, cybersecurity protections, workforce training and regulations targeting risks such as deepfakes and AI-generated robocalls.

The state has also partnered with companies in Silicon Valley — including NVIDIA, Google, Adobe, IBM and Microsoft — to expand AI education and workforce training programs across California schools and universities.

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Advice

Book Review: Books for College-Bound Students

The kind of workday your Grandpa had is probably over, and you can’t count on toiling at the same place for 40 years for a pension and a gold watch. You already know that, and these books will help you decide your next step. You’ll learn what kind of worker you are, what’s stopping you from finding a job or occupation you’ll love, how to determine the purpose you envision for your future, and how to get where you need to be.

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Book covers. Photo courtesy of Terri Schlichenmeyer.
Book covers. Photo courtesy of Terri Schlichenmeyer.

By Terri Schlichenmeyer

Authors: Various, Copyright: c.2026, Publishers: Various, SRP: $21.00 – $29.00, Page Counts: Various

The videos and news reports were inspiring.

In them, a hesitant prospective college student became a happy, new college-bound student with the click of a key. They were accepted into the college of their dreams – so how can you get the same feeling next spring, when you’re the one with the highest of hopes?

You can start by reading these great books and sharing them with your family…

You probably already know that getting into the college of your choice is not something you do last-minute. In “The People’s Guide to College Applications: A Week-by-Week Approach to Writing, Connecting, and Getting in” (Prometheus Books, $ 21.95), Jill Constantino takes you through each step, but not in a frantic way. There’s no pressure here, just easy-to-grasp, makes-sense methods to apply for the college you want. There are reminders here, things you can’t forget and things you can, hints on asking for referrals and writing essays, and plenty of reminders to take a deep breath. Bonus: it’s also a book for parents, who may feel just as much pressure as their child does.

Okay, but let’s say that you’re an adult, a parent who’s sweating those college applications, classes, and the FAFSA for yourself, ugh!  Then you’ll want to read “Student Parent: The Fight for Families, the Cost of Poverty, and the Power of College” by Nicole Lynn Lewis (Beacon Press, $26.97). an urgent call meant for nontraditional students who are also Black, Latinx, gay, Moms, or Dads.

Inside this book, you’ll find stats and stories that may already sound familiar, tales of not enough money, not enough support, not enough arms or sleep or resources. If you’re looking for a book of advice, this isn’t it, though. It’s more of a resource that you’ll want to take to your guidance counselor or any local politician.

Alright, but what if you’ve decided that college can wait? Is that okay? Look for “The Mission Generation: Reclaim Your Purpose, Rewrite Success, Rebuild Our Future” by Arun Gupta and Thomas J. Fewer (Wiley, $29.00) because – guess what? – you have many options for your future.

The kind of workday your Grandpa had is probably over, and you can’t count on toiling at the same place for 40 years for a pension and a gold watch. You already know that, and this book will help you decide your next step. You’ll learn what kind of worker you are, what’s stopping you from finding a job or occupation you’ll love, how to determine the purpose you envision for your future, and how to get where you need to be. This book isn’t just for high schoolers, but for anyone ages 16 and beyond who’s feeling restless, ready for change, or who’s thinking about some kind of purposeful retirement.

And if these aren’t the college-based or not-college-bound books you need, then be sure to ask your favorite bookseller or librarian for help on ideas, how-to’s, test prep books, or study guides. They’ll have books for you, and maybe a little inspiration, too.

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Activism

More and More, Black Californians Are Worried About Rising Costs of Housing, Energy, Food and Gas 

According to an April 2024 report by the Greenlining Institute, low-income Black Californians are struggling with affordability due to a combination of historical systemic barriers and modern economic pressures. The Greenlining Institute is a California-based policy, research, and advocacy nonprofit founded in 1993 to fight systemic racism and economic injustice.

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By Antonio‌ ‌Ray‌ ‌Harvey‌, California‌ ‌Black‌ ‌Media‌

Housing, energy, food and gas are four essential household expenses, and their rising costs are forcing residents—especially lower-income households—to make difficult trade-offs, Assemblymember Rhodesia Ransom (D-Stockton) said at a conference on affordability last week in Sacramento.

Ransom, a member of the California Legislative Black Caucus (CLBC), noted a shift in consumer behavior, stating, “Before people used to choose between things that they wanted and things that they needed.”

“Now, what we’re hearing from constituents is they are prioritizing their needs differently,” she said. “Because of the affordability crisis, it’s no longer about choosing between other needs. Our constituents are now saying ‘what needs to be prioritized?’ Gas and food are at the top of the list.”

Ransom made the comments about affordability at Capitol Weekly’s informational conference titled “Affordability: The Cost of Living in California,” which was held on April 30 at the University of California’s Student and Policy Center.

Co-hosted with the University of California Student and Policy Center, the political conversations focused on identifying policy solutions to the state’s extremely high prices for energy, food, and essentials.

The keynote speakers at the conference were former Assemblymember Lorena Gonzalez, president of the California Federation of Labor Unions, and Mike Madrid, a political strategist, author, and senior fellow at UC Irvine.

Conversations about affordability are taking on greater urgency as the election season kicks in, speakers said.

According to an April 2024 report by the Greenlining Institute, low-income Black Californians are struggling with affordability due to a combination of historical systemic barriers and modern economic pressures. The Greenlining Institute is a California-based policy, research, and advocacy nonprofit founded in 1993 to fight systemic racism and economic injustice.

Black households in California experience the highest levels of rent burden; approximately 65% of Black renters, according to the Greenlining report. Historical “redlining” and ongoing discrimination have restricted homeownership. Black families also pay 43% more for energy than White households, partly because they are more likely to live in older, less energy-efficient rentals.

In addition, roughly 1 in 3 Black adults (36.5%) reported household food insecurity in late 2025, more than double the rate for White adults. This is often exacerbated by “food deserts” in predominantly Black neighborhoods.

In March, Assembly Minority Leader Heath Flora (R-Ripon) expressed concerns about affordability in California, describing it as a crisis where families are being “pushed to the edge.”

“Californians should not have to choose between putting food on the table or filling up their car,” Flora stated. “We need to cut costs now. Not tomorrow, not next week, not next month. Now.”

Cuts to the federal Supplemental Nutrition Assistance Program (SNAP) funding are being driven by the Trump Administration’s One Big Beautiful Bill Act (H.R. 1), which is reducing federal spending by approximately $187 billion through 2034.

Those reductions are putting more pressure on the state to help, Ransom said. According to the AAA Gas Prices website, as of May 8, California’s gasoline prices averaged over $6 per gallon in some areas, with various locations experiencing spikes of $7 to $8 per gallon. In California, fuel prices are driven by refinery maintenance and market volatility, while high food prices are linked to rising transportation costs, experts say.

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