Scandal!

Published on 11 February 2015 at 11:15

On Newspaper: Swiss Leaks: Read all about tax evasion and money laundering

"These scandalous practices must end"

"… Yes, bring on the death of the press"

Swiss private bank HSBC has been helping clients evade taxes to the tune of around €180bn, it was revealed this week by Le Monde and a group of more than 50 media outlets co-ordinated by the International Consortium for Investigative Journalism. The investigation, known as "Swiss Leaks", is based on documents leaked in 2007 by former HSBC employee Hervé Falciani and reveals the extent to which the bank's Swiss subsidiary colluded with tax evaders, allowing the withdrawal of money in bricks of foreign currency, and creating undeclared "black" accounts for some clients.

Receive the best of European journalism straight to your inbox every Thursday

HSBC claims that its operations are much stricter now than in 2007, but still faces the prospect of criminal prosecution in the US, with separate investigations launched in Switzerland, France and Denmark.

Was this article useful? If so we are delighted! It is freely available because we believe that the right to free and independent information is essential for democracy. But this right is not guaranteed forever, and independence comes at a cost. We need your support in order to continue publishing independent, multilingual news for all Europeans. Discover our membership offers and their exclusive benefits and become a member of our community now!

Are you a news organisation, a business, an association or a foundation? Check out our bespoke editorial and translation services.

Support independent European journalism

European democracy needs independent media. Join our community!

On the same topic