A new investigation exposes an HSBC subsidiary of helping royalty, criminals, terrorists, drug dealers, and even music stars such as Tina Turner and David Bowie to conceal their identities to dodge taxes.
The huge data leak revealed the names of more than 100,000 account holders from more than 200 countries at HSBC’s Swiss private banking arm. It has been reported by the Washington-based International Consortium of Investigative Journalists (ICIJ), which obtained the documents from the French newspaper Le Monde.
The documents shed light on the bank’s practice of courting rich depositors in exchange for protection from taxes from 2005 until 2007. During this period, the private banking armed controlled $100 billion in assets, according to Bloomberg.