The Swiss arm of HSBC was one of the most private banking institutions in the world until systems engineer Hervé Falciani leaked data related to over 100,000 suspected tax evaders from his employer. Motorsports stars Valentino Rossi, Flavio Briatore, Fernando Alonso and Heikki Kovalainen were on the list of hacked accounts.
According to Bloomberg, HSBC is one of the Swiss banking institutions facing criminal prosecution for allowing clients to deposit cash without revealing their identities. This makes laundering money, hiding ill-begotten cash or evading taxes a lot easier … More
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