Biggest Leak in Banking History Exposes Massive Tax Evasion

[eridani]

http://readersupportednews.org/news-section2/318-66/28501-biggest-leak-in-banking-history-exposes-massive-tax-evasion

The leaked files, which reveal how HSBC advised some clients on how to circumvent domestic tax authorities, were obtained through an international collaboration of news outlets, including the Guardian, the French daily Le Monde, CBS 60 Minutes and the Washington-based International Consortium of Investigative Journalists.

The files reveal how HSBC’s Swiss private bank colluded with some clients to conceal undeclared “black” accounts from domestic tax authorities across the world and provided services to international criminals and other high-risk individuals.

The disclosure amounts to one of the biggest banking leaks in history shedding light on some 30,000 accounts holding almost $120bn (£78bn) of assets. Of those, around 2,900 clients were connected to the US, providing the IRS with a trail of evidence of potential American taxpayers who may have been hiding assets in Geneva.

The data was leaked by a computer expert turned whistleblower working in HSBC’s Geneva office. French authorities later obtained the files and shared them with the US Internal Revenue Service in 2010. That year, amid growing scrutiny from US tax authorities, HSBC’s private bank in Switzerland stopped doing business with US residents entirely.

The US Department of Justice and IRS have been investigating HSBC’s Swiss banking operations ever since but the scale of those inquiries remain unclear

[Enthusiast]

1. Anything for the 1%.

[mountain grammy]

2. We're finding out how crooked this bank is and I'm sure someone will pay..

maybe they can get Brian Williams to take the fall because no one from the bank ever will. They just reach into their petty cash jar and pay the fines.

http://www.democracynow.org/2012/12/13/matt_taibbi_after_laundering_800_million

[aint_no_life_nowhere]

3. Wasn't there speculation that Mitt Romney had money in Swiss banks to avoid taxes?

Did he ever clear up those questions?

[Orrex]

4. God willing, the leaker will be arrested and brought to swift justice

Because that's the most important thing, of course.

[mindwalker_i]

5. Somebody get a medal of freedom, pronto!