Recently the bank HSBC have been in the
news over alleged allegations of tax evasion. With this being such a
controversial topic, we’ve got the latest information for you in this short
blog post.
What have HSBC been accused of?
HSBC is back in the spotlight again over
allegedly helping clients evade tax and offering deals to help them stay ahead
of the law. As a result, thousands of accounts from HSBC’s private bank in
Switzerland have been leaked by a whistleblower, containing details of more
than 100,000 clients around the world.
The alleged tax dodging partly happened
under Lord Green’s tenure as chairman between 2006 and 2010, putting him under
pressure the bank’s behaviour. Since this information came to light, Lord Green
has been refusing to answer questions by a Panorama journalist after being
approached in the street for a programme investigating HSBC.
How are HMRC handling the matter?
First, HMRC has revealed it is looking
to expand the scope of its investigation and is meeting with other law
enforcement agencies later to discuss the matter, most likely meeting with the
Serious Fraud Office. If the SFO and the police launch separate investigations,
that would be a serious escalation for HSBC.
Second, HMRC will also look at money
laundering in connection with the HSBC data following discussions with the
French authorities earlier this week.
Third, HMRC initially believed that up
to 150 of the people on the HSBC data list could face criminal prosecutions.
This story is rapidly still unfolding
and we’ll have information on this topic as it goes on. If you need any help
and or advice regarding tax policies and so on, you can contact the Finnies
team on 01482 861919 or email enquires@finnies.org.uk
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