Clients of HSBC Geneva Are Named Publicly!

Bank building

The media has obtained the names of HSBC account holders, some of which will be named in a TV program to be shown by the British Broadcasting Corporation (BBC).

The HSBC files, the biggest banking leak in history, reveal the full scale of malpractice at its Swiss subsidiary,  as more fully discussed in out post
Another Offshore Whistle Blower – Former HSBC Employee! Recent court cases in the US and Europe have provided individual examples of the bank’s wrongdoing, but the leaked files show how these cases were part of a persistent pattern of misconduct.

At its height, HSBC’s secretive Swiss arm hid a total of $120bn (£78bn) in assets. These funds were collected from wealthy clients all over the world and have already led to criminal investigations and charges against the bank in France, Belgium, the US and Argentina. But in Britain, no legal action has been taken against HSBC and the evidence against it has never been made public until now.

Banking giant HSBC helped wealthy clients across the world evade hundreds of millions of pounds worth of tax, the BBC has learned.

Panorama has seen accounts from 106,000 clients in 203 countries, leaked by whistleblower Herve Falciani in 2007. The documents include details of almost 7,000 clients based in the UK.

HSBC admitted that it was “accountable for past control failures.” But it said it has now “fundamentally changed”.

The bank now faces criminal investigations in the US, France, Belgium and Argentina, but not in the UK, where HSBC is based. HSBC said it is “co-operating with relevant authorities”.

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Original Post By: Ronald Marini

Sources:   The Guardian, BBC

Mr. Marini concentrates his practice in Representation before the IRS and All Other Tax Authorities, IRS Collections, Offers in Compromise, Installment Payment Plans, Appeals, Sales Tax Audits, International and Tax Law, Asset Protection and Estate Planning.

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