HSBC bank `helped clients dodge millions in tax`

Risingbd Desk: Britain`s biggest bank helped wealthy clients cheat the UK out of millions of pounds in tax, the BBC has learned.

Panorama has seen thousands of accounts from HSBC`s private bank in Switzerland leaked by a whistleblower in 2007.

They show bankers helped clients evade tax and offered deals to help tax dodgers stay ahead of the law.

HSBC admitted that some individuals took advantage of bank secrecy to hold undeclared accounts. But it said it has now "fundamentally changed".

The documents, stolen in 2007 by a computer expert working for HSBC in Geneva, contain details of more than 100,000 clients from around the world.

Offshore accounts are not illegal, but many people use them to hide cash from the tax authorities. And while tax avoidance is perfectly legal, deliberately hiding money to evade tax is not.

The French authorities assessed the stolen data and concluded in 2013 that 99.8% of their citizens on the list were probably evading tax.

BBC Online

risingbd/Feb 09, 2015/Aminul