SHADY SWISS

HSBC Helped Wealthy Clients Dodge Taxes

The private Swiss banking arm of HSBC helped some of its wealthiest clients hide billions of dollars in assets and evade taxes, according to newly leaked files. HSBC provided bank accounts to international criminals and corrupt businessmen and helped their clients conceal undeclared “black” accounts from their national tax authorities, the files show. HSBC also regularly let its wealthiest clients withdraw bricks of cash in foreign currencies. The files, which were pored over by international news outlets, including the Guardian, BBC, and Le Monde, covered 2005-2007. During that time, HSBC made these questionable services available to some 30,000 clients, affecting $120 billion in assets.