HSBC ‘helped clients dodge millions in tax’

Banking giant HSBC faced damaging claims on Monday that its Swiss division helped wealthy customers dodge millions of dollars in taxes after a ‘SwissLeaks’ cache of secret files emerged online.

The documents, published over the weekend, claim the bank helped clients in more than 200 countries evade taxes on accounts containing $119bn (104bn euros).

The huge cache of files has sparked criminal probes in several countries and attempts to claw back cash after being stolen by an IT worker in 2007 and passed to French authorities.

The files were then obtained by the International Consortium of Investigative Journalists (ICIJ) – a network of investigative reporters – via French newspaper Le Monde.
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Source News: Gulf Times