LONDON—HSBC’s Swiss private bank hid millions of dollars for drug traffickers, arms dealers and celebrities around the world as it colluded to help them dodge taxes, according to a report based on leaked documents that lifts the veil on the country’s banking secrecy.
The report, published Monday, suggests the bank, which is based in London but has operations globally, not only turned a blind eye to the illegal activities of its clients but actively helped them avoid taxes.
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WHAT HAPPENED
A former HSBC employee-turned-whistleblower, Herve Falciani, gave the data to French tax authorities in 2008. …read more
Source: The Epoch Times
