Is Anyone Surprised That HSBC Helped Global Elites Dodge Tax?

I was first unsure on whether this would be a straight corruption or business report but after more details emerged on how Europe’s largest bank HSBC assisted its super rich clients evade paying $119 billion in taxes…

… Corruption it is.

According to the above BBC report, leaked details about clients from the HSBC’s Swiss Division were given a French newspaper, Le Monde. More investigations followed by other media who were passed the files by the International Consortium of Investigative Journalists.

Herve Falciani, an IT worker for HSBC, stole the files from the bank’s Swiss division in 2007 and they include the names of celebrities, alleged arms dealers and politicians reports the AFP.

“This is only the tip of the iceberg,” Falcian told France’s Le Parisien newspaper. “There’s more than what the journalists have. Several million transactions (between banks) are also in the documents I transmitted. These figures could give an idea of what lies at the bottom of the iceberg,” he said.

HSBC now faces criminal investigations in the U.S., France, Belgium and Argentina.

However, so far, it won’t be facing anything similar in the UK where the bank has its headquarters.

The man in charge of HSBC at the time, Stephen Green, is now a Conservative trade minister in the House of Lords. He is remaining tight lipped about it all but see the below Tweet. There’s legs in this scandal yet.

Green

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