Feb 09, 2015 01:08 PM EST
HSBC Offshore Tax Evasion: Swiss Leaks Puts British Bank Accounts For Hidden BILLIONS

 

In the latest international informational leak, this time called Swiss leaks, the second largest bank in the world, headquartered in London, is surrounded by controversies, at it has come out that there's a huge number of countries that have been involved in HSBC offshore tax evasion in the billions of dollars.

According to BBC News, the HSBC offshore tax evasion ultimately "helped clients dodge millions in tax," with more than 200 countries being involved in the scheme, with some of the richest in the world, from corrupt politicians to pop stars, being a part of this.

The Guardian reports that the HSBC offshore tax evasion scandal was created by the Swiss headquarters of the major British bank, as thousands of wealthy customers around the world created accounts in the Switzerland sites with bundles of millions (or even billions) of dollars that were put there to circumvent local taxing legislation, as well as making people wonder about the transparency on the management of the public funds of certain countries.

The Miami Herald, for example, reports that the HSBC offshore tax evasion scandal involves a government that has been perceived to be among the most corrupt in the planet: Venezuela.

Taking the 161 spot out of 174 countries in the Transparency International 2014 Corruption Perceptions Index, Venezuela's involvement in the HSBC scandal is hardly a surprise, though it has been taken to the extreme: between 1998 and 2007, the oil-rich nation ranked third worldwide among 203 countries involved in the leak, with $14.8 billion in secret HSBC accounts.

The New York Times reports that this is only the latest scandal involving banking giant HSBC. Those involved in the tax evasion range from movie stars to rockers, arms dealers and even people involved in the trafficking of blood diamonds in Africa.

For now, only Argentina, Belgium and France have opened cases to look up into the HSBC offshore tax evasion scandal.

 

 

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