HSBC offices in Geneva searched in 'aggravated money laundering' probe

HSBC, in the eye of a storm over tax-evasion, had another uncomfortable knock on its Geneva door this morning.

The Swiss authorities, this time, were investigating what they called 'suspected, aggravated money laundering'.

HSBC said tonight it's co-operating with the Swiss authorities.

ITV News Business Editor Joel Hills explains:

Raids at HSBC offices ordered by Swiss prosecutors are now winding down.

Earlier in the afternoon, stacks of white cardboard boxes full of HSBC archives were moved to be studied by the investigators.

The raids followed the opening of a criminal inquiry into allegations of aggravated money laundering.The inquiry comes after revelations that HSBC's Swiss private bank allegedly helped wealthy clients evade taxes.

As the raids came to an end, Herve Falciani, a former HSBC IT employee who first leaked confidential documents from the bank in 2008, appeared on Swiss television saying he is willing to help the authorities in their investigations.

Falciani faces trial in Switzerland and fled after stealing and releasing the data.He says he will help in the investigation if given assurances he will not be arrested on his return.

HSBC has apologised to customers and investors over the failing of its Swiss unit but insists the operation has since been overhauled. Britain's financial watchdog has said it will investigate HSBC to ensure the failings are behind it.