Banking Giant HSBC Sheltered Murky Cash Linked to Dictators and Arms Dealers

Published on International Consortium of Investigative Journalists, by Gerard Ryle, Will Fitzgibbon, Mar Cabra, Rigoberto Carvajal, Marina Walker Guevara, Martha M. Hamilton and Tom Stites, Feb 8, 2015.

Team of journalists from 45 countries unearths secret bank accounts maintained for criminals, traffickers, tax dodgers, politicians and celebrities.

Secret documents reveal that global banking giant HSBC profited from doing business with arms dealers who channeled mortar bombs to child soldiers in Africa, bag men for Third World dictators, traffickers in blood diamonds and other international outlaws.

The leaked files, based on the inner workings of HSBC’s Swiss private banking arm, relate to accounts holding more than $100 billion. They provide a rare glimpse inside the super-secret Swiss banking system — one the public has never seen before … //

… The ICIJ revelations also come after The Wall Street Journal reported in January that a progress report by the independent monitor appointed to the bank, a synopsis of which is expected to be made public in April, will show HSBC is failing in its attempts to reform.

(full text).

Links about Swiss Leaks:

UPDATE in german, Feb 12: »Swiss-Leaks«: Schwarze Löcher im Schweizer Bankgeheimnis, im KOPP-Verlag, Feb 10, 2015;

Offshore leaks on en.wikipedia is the name of a report disclosing details of 130,000 offshore accounts in April 2013. Some observers have called it the biggest hit against international tax fraud of all times, although it has been pointed out that normal businesses may use the offshore legislation to ease formalities in international trade.[1][2] The report originated from the Washington D.C.-based investigative journalism nonprofit, the International Consortium of Investigative Journalists (ICIJ) …;

Comments are closed.