HSBC exec says money-hiding practices ‘no longer acceptable’
The banking giant has admitted to helping clients hide money to avoid taxes. Execs say never again.
International banking giant HSBC has admitted that it helped rich folks hide money and avoid paying taxes.
High profile athletes, rock stars and royalty were able to hide “millions of dollars of assets,” according to Reuters. More nefariously, the HSBC client roster “also listed arms dealers, people linked to former dictators and traffickers in blood diamonds, and several individuals on the current U.S. sanctions list,” according to the report.
The report, which comes from the International Consortium of Investigative Journalists, contains leaked documents showing accounts in the range of $100 billion that were held by more than 100,000 accounts in 200 countries.
HSBC issued a statement Sunday, saying in part, “We acknowledge and are accountable for past compliance and control failures.”
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