HSBC bank ‘helped clients dodge millions in tax’

A Swiss subsidiary of British banking giant HSBC gave its clients advice how to avoid paying a tax on savings, according to an investigation released by ICIJ, the International Consortium of Investigative Journalists, on 8 February 2015.

A collection of secret files, called 'Swiss Leaks', was published by the team. The data had been smuggled from HSBC bank by a former employee, Herve Falciani, and subsequently obtained by the French newspaper Le Monde.

The same consortium had in November 2014 released the so-called LuxLeaks, a trove of documents on Luxembourg's tax rulings.

In a statement following the reports, the European Commission hoped new global reporting standards would help eliminate tax fraud and tax evasion.

• Primary Source

EUObserver, 09.02.15: HSBC bank 'helped clients dodge millions in taxes' https://euobserver.com/news/127543

ICIJ: Swiss Leaks: Murky Cash Sheltered by Bank Secrecy http://www.icij.org/project/swiss-leaks

The Guardian, 08.02.15: HSBC’s response: ‘Standards of due diligence were significantly lower than today’ http://www.theguardian.com/business/2015/feb/08/hsbc-responds-revelations-misconduct-swiss-bank

Euronews, 09.02.15: HSBC faces heat over allegations it helped clients dodge millions in tax http://www.euronews.com/2015/02/09/hsbc-faces-heat-over-tax-dodging-allegations/

Deutsche Welle, 09.02.15: HSBC helped clients 'avoid taxes and hide millions' http://dw.de/p/1EY6H

The Guardian, 08.02.15: HSBC files show how Swiss bank helped clients dodge taxes and hide millions http://www.theguardian.com/business/2015/feb/08/hsbc-files-expose-swiss-bank-clients-dodge-taxes-hide-millions

EUObserver, 09.02.15: EU commission hopes global standard will end tax evasion https://euobserver.com/economic/127553

ESO: Background information: Germany, France and Italy urge EU to write common corporate tax laws http://www.europeansources.info/record/germany-france-and-italy-urge-eu-to-write-common-corporate-tax-laws/

The Guardian, 09.02.15: HSBC files raise questions about oversight of senior bankers past and present http://www.theguardian.com/business/2015/feb/09/hsbc-files-questions-oversight-senior-bankers-swiss

France24, 10.02.15: Is HSBC whistleblower Falciani the French 'Snowden'? http://www.france24.com/en/20150209-part-james-bond-part-idealist-frenchman-behind-swissleaks/

Euro|Topics: Main Focus, 10.02.15: Swiss HSBC aided tax evasion http://www.eurotopics.net/en/home/presseschau/archiv/archiv_dossier/DOSSIER158123-Swiss-HSBC-aided-tax-evasion

The Local.es, 10.02.15: Podemos to work with HSBC whistleblower http://www.thelocal.es/20150210/podemos-to-work-with-swissleaks-whistleblower

ESO: Background information: Vestager says will use 'Luxleaks' documents in EU tax probe http://www.europeansources.info/record/vestager-says-will-use-luxleaks-documents-in-eu-tax-probe/

The Guardian: Tag: HSBC http://www.theguardian.com/business/hsbcholdings

Swissinfo.ch: Tag: Banks in Turmoil http://www.swissinfo.ch/eng/in-depth/pressure-on-the-financial-sector-

Swissinfo.ch, 09.02.15: HSBC and Falciani: How it happened http://www.swissinfo.ch/eng/hsbc-and-falciani--how-it-happened/41263376

The Conversation, 10.02.15: HSBC’s Swiss tax scandal is part of a global pattern of avoidance https://theconversation.com/hsbcs-swiss-tax-scandal-is-part-of-a-global-pattern-of-avoidance-37437

EurActiv, 12.02.15: 'Swiss Leaks' catastrophic for African economies http://www.euractiv.com/sections/development-policy/swiss-leaks-catastrophic-african-economies-312035

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