Claims of criminal account holders investigated by HSBC

HSBC bank says it is looking into allegations that criminals have used offshore accounts at its Jersey operation for money laundering.

The bank issued a statement after the Daily Telegraph newspaper said it was at the centre of a major investigation by HM Revenue and Customs (HMRC).

HSBC said it was investigating "an alleged loss of certain client data in Jersey as a matter of urgency".

HMRC said it had "received the data and we are studying it".

Simon Gompertz reports.