HSBC Tax Evasion Scheme Revealed

Business » FINANCE | February 9, 2015, Monday // 11:05
Bulgaria: HSBC Tax Evasion Scheme Revealed Photo: BGNES

French newspaper Le Monde published details on a scandalous report revealing a tax evasion scheme in the Swiss branch of HSBC on Sunday.

Bulgaria is also said to have been a part of the illegal dealings with EUR 380,8 M and 74 bank customers.

According to authorities, over EUR 180,6 B have been transferred to over 100,000 clients and 20,000 offshore companies over the period 2005-2007. Out of them, 11,235 came from Switzerland, 9,187 were French and 8,844 were UK citizens.

The files have been stolen by HSBC ex-employee Herv? Falciani, who initially attempted to sell the information and only later submitted it to the investigation officers.

Brussels, Geneva, Washington and Paris authorities have been coordinating in order to establish the fraud in the operation called SwissLeaks. Additionally, an international journalisitic investigation had been launched in 2014.

The list of clients, who took advantage of the scheme includes ''arms traffickers and drug smugglers, founders of terrorist organisations, politicians, celebrities, sporting idols and captains of industry''. A number of celebrities are also noted, including King of Marocco Mohammed VI and US actor John Malkovich.

Currently French authorities are prosecuting HSBC's Swiss branch, while Falcani has been charged by the Office of the Attorney General of Switzerland for “industrial espionage”, “data theft” and “breach of industrial and banking secrecy”.

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Tags: tax evasion, scheme, illegal, investigation, HSBC, report, SwissLeaks, Le Monde
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