British Tax authorities probing charges against HSBC

image The British tax authorities launched an investigation into allegations of money laundering against HSBC.

  • HSBC Bank has been accused of opening offshore bank accounts in Jersey for serious criminals living in Britain.
  • This move from British Tax authorities came after a whistleblower was secretly provided a detailed list of names, addresses and bank accounts of HSBC’s alleged clients.
  • These were said to include names of several people with criminal convictions, including gun-runners and drug dealers.

Contrast with India

  • Observers are contrasting the prompt action taken by British authorities with the Indian government’s response to similar allegations against HSBC involving Indian clients, where Indian government took no action against HSBC when India Against Corruption (IAC) charged HSBC for alleged involvement in Hawala (Money Laundering).
  • Also, Indian Govt took no action since more than a year after the French government gave India a CD containing names of 700 Indian clients who had accounts in HSBC’s Geneva branch.



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