Swiss Bank’s dodgy business has come into light through HSBC’s Files

February 9, 2015 Comments Off on Swiss Bank’s dodgy business has come into light through HSBC’s Files
Swiss Bank’s dodgy business has come into light through HSBC’s Files
HSBC files show how Swiss bank helped clients dodge taxes and hide millions.
HSBC file:  howsecret Swiss account data detailing misconduct came to light

, and 

 HSBC’s Swiss banking arm helped wealthy customers dodge taxes and conceal millions of dollars of assets, doling out bundles of untraceable cash and advising clients on how to circumvent domestic tax authorities, according to a huge cache of leaked secret bank account files.

The files – obtained through an international collaboration of news outlets, including the Guardian, the French daily Le Monde, BBC Panorama and the Washington-based International Consortium of Investigative Journalists – reveal that HSBC’s Swiss private bank:

• Routinely allowed clients to withdraw bricks of cash, often in foreign currencies of little use in Switzerland.

• Aggressively marketed schemes likely to enable wealthy clients to avoid European taxes.

• Colluded with some clients to conceal undeclared “black” accounts from their domestic tax authorities.

• Provided accounts to international criminals, corrupt businessmen and other high-risk individuals.

The HSBC files, which cover the period 2005-2007, amount to the biggest banking leak in history, shedding light on some 30,000 accounts holding almost $120bn (£78bn) of assets.

The revelations will amplify calls for crackdowns on offshore tax havens and stoke political arguments in the US, Britain and elsewhere in Europe where exchequers are seen to be fighting a losing battle against fleet-footed and wealthy individuals in the globalised world.

Related Posts