HSBC exposed in tax evasion data leak

Submitted by Andre, mahalo!
Published time: February 09, 2015 10:46
Edited time: February 09, 2015 14:16

Reuters / Edgard Garrido

Reuters / Edgard Garrido

​A new investigation exposes HSBC’s Swiss private banking arm 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 Washington-based International Consortium of Investigative Journalists (ICIJ), which obtained the documents from French paper Le Monde, found over 100,000 account holders in 200 countries listed in the data leak.

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.

HSBC reportedly reassured client that its bank was a safe haven for secrets, and that it would not disclosure details of accounts to national authorities or taxmen. Files also reveal that several clients were allowed to quietly transfer bricks of cash in foreign currencies.

A recorded example in the files is the case of Richard Caring, British retail tycoon and restaurateur, who walked out of the bank with 5 million Swiss francs in a suitcase.

This is the cancer that is destroying our society. The rich dodge tax with impunity while the poor are hounded for every last penny.

Seven hundred and forty Russian clients are on the list with combined assets of $1.7 billion, according to Vedomosti. Sanctioned businessman Gennady Timchenko, the former president of Russia’s state-owned Rosneft Sergey Bogdanchikov and the children of Boris Yeltsin’s Prime Minister Viktor Chernomyrdin are among them. Several civil servants appear on the list, despite Russia’s 2008 law that forces officials to declare foreign bank accounts and property.

The leak began in 2008 when Herve Falciani, a former HSBC computer technician turned whistleblower, left the company with troves of confidential information which he then turned over to the then French Finance Minister Christine Lagarde.

So, has colluded in tax avoidance? ‘Surprising.’ Let’s remember that when they inevitably screw up and need another taxpayer bailout.

“We acknowledge that the compliance culture and standards of due diligence in HSBC’s Swiss private bank, as well as the industry in general, were significantly lower than they are today,” the bank told ICIJ. HSBC said that since 2007, it has gone through a “radical transformation.”

HSBC is just one of more than a dozen Swiss banks under fire for nontransparent banking and aiding tax evasion.

READ MORE: Tax Haven No.1 – 340 global companies avoid billions in Luxembourg

The European Commission, along with the G20, has made it a goal to get rid of secret banking regimes, and in October signed an agreement to end tax evasion and money laundering.

There has been mounting pressure on several European banks that provide cover for illicit money. Switzerland’s largest bank UBS admitted to helping 52,000 American clients evade taxes in 2009, and paid a $780 million fine to the US Justice Department.

In February 2014, Credit Suisse was accused by the US Senate of holding more than 12 billion Swiss francs for more than 22,000 American clients.

More than $2 trillion in assets is held in more than 300 private Swiss banks.


Rothschild Too Big To Jail? Russia, Iceland, Iran, China, & Hungary Say No!


Posted on October 18, 2013


The Shooting Of A Rothschild Czar. First Traitor Of The United States Is The Piece Of Shit Alexander Hamilton.

The Shooting Of A Rothschild Czar By Vice President Aaron Burr. First Traitor Of The United States Is The Piece Of Shit Alexander Hamilton.


The deal was announced quietly, just before the holidays, almost like the government was hoping people were too busy hanging stockings by the fireplace to notice. Flooring politicians, lawyers and investigators all over the world, the U.S. Justice Department granted a total walk to executives of the British-based bank HSBC for the largest drug-and-terrorism money-laundering case ever.


Yes, they issued a fine – $1.9 billion, or about five weeks’ [worth of HSBC] profit – but they didn’t extract so much as one dollar or one day in jail from any individual, despite a decade of stupefying abuses.





President Andrew Jackson Shut Down Hamilton/Rothschild Collectivism Bilking Banks.

President Andrew Jackson Shut Down Hamilton/Rothschild Collectivism Bilk Banks.



People may have outrage fatigue about Wall Street and more stories about billionaire greedheads getting away with more stealing often cease to amaze. But the HSBC case went miles beyond the usual paper-pushing, keypad-punching­ sort-of crime, committed by geeks in ties, normally associated­ with Wall Street. In this case, the bank literally got away with murder – well, aiding and abetting it, anyway.


For at least half a decade, the storied British colonial banking power helped to wash hundreds of millions of dollars for drug mobs, including Mexico’s Sinaloa drug cartel, suspected in tens of thousands of murders just in the past 10 years – people so totally evil, jokes former New York Attorney General Eliot Spitzer, that “they make the guys on Wall Street look good.”


Janet Napolitano SNL Pat

Janet Napolitano SNL Pat



The bank also moved money for organizations linked to Al Qaeda and Hezbollah, and for Russian gangsters; helped countries like Iran, the Sudan and North Korea evade sanctions; and, in between helping murderers and terrorists and rogue states, aided countless common tax cheats in hiding their cash.






“They violated every ***damn law in the book,” says Jack Blum, an attorney and former Senate investigator who headed a major bribery investigation against Lockheed in the 1970s that led to the passage of the Foreign Corrupt Practices Act.


“They took every imaginable form of illegal and illicit business.”


That nobody from the bank went to jail or paid a dollar in individual fines is nothing new in this era of financial crisis. What is different about this settlement is that the Justice Department, for the first time, admitted why it decided to go soft on this particular kind of criminal.


It was worried that anything more than a wrist slap for HSBC might undermine the world economy. “Had the U.S. authorities decided to press criminal charges,” said Assistant Attorney General Lanny Breuer at a press conference to announce the settlement, “HSBC would almost certainly have lost its banking license in the U.S., the future of the institution would have been under threat and the entire banking system would have been destabilized.”


HSBC Mexican Drug Cartels


As if I & You Are Not Suppose To Realize That The Rothschild Banks Are Not Already Purposely Destroying The World Economy For Their Totalitarian New World Order.


john f kennedy


So Instead Of Shutting HSBC Down For Crimes ~ HSBC Begins Shutting Down Citizen’s Banking Accounts.



It was the dawn of a new era. In the years just after 9/11, even being breathed on by a suspected terrorist could land you in extralegal detention for the rest of your life. But now, when you’re Too Big to Jail, you can cop to laundering terrorist cash and violating the Trading With the Enemy Act, and not only will you not be prosecuted for it, but the government will go out of its way to make sure you won’t lose your license. Some on the Hill put it to me this way: OK, fine, no jail time, but they can’t even pull their charter? Are you kidding?


China Executes Bankers

China Executes Bankers


Rothschild Bankers Are Pulled In Russia, Iceland, China, Iran, & Hungary!

Read more


NSA Follow the Money branch spied on VISA customers, SWIFT transactions report



Published: Sep 15, 2013, 07:31 PM
The NSA has been widely monitoring international banking and credit card transactions, a new report says referencing Edward Snowdens leak. The agency targeted VISA customers and global financial service SWIFT and created its own money flows database.
Referring to information leaked by Edward Snowden, a former CIA employee and NSA contractor, German Der Spiegel reports that the surveillance was carried out by a branch called “Follow the Money” (FTM). 
After the information on transactions was obtained, it was redirected to the NSA’s own financial database, called “Tracfin“.
According to the leaked documents, in 2011 the database contained 180 million records, with 84 per cent of those being credit card transactions details.
Among the millions of records, the NSA’s Tracfins also contained data from the Brussels-based Society for Worldwide Interbank Financial Telecommunication (SWIFT). Used to conduct business operations with speed, certainty and confidence, this global financial service is used by more than 10,000 banking organizations in 212 countries.
The NSA spied on SWIFT on several levels, involving its “tailored access operations” division, according to the report in Der Spiegel. Reading “SWIFT printer traffic from numerous banks,” was just one of the ways the NSA was accessing the information.
One of the NSAs goals was to “collect, parse and ingest transactional data for priority credit card associations, focusing on priority geographic regions.”
According to documents dated 2010, the agency was spying on large credit card companies customers, Der Spiegel adds. In particular, the NSA was getting access to transactions by VISA customers in Europe, the Middle East and Africa. Reportedly, speaking at an internal conference that year, NSA analysts described in detail how the search through the US company’s complex transaction network for tapping possibilities was conducted.
However, when Der Spiegel reached VISA for a comment, its spokeswoman ruled out the possibility that data could be taken from company-run networks.
According to one of the documents, the UK’s intelligence agency, GCHQ, admitted cooperation with the NSA to spy on the world finance system. In its report, concerning the legal perspectives on “financial data”, it said that the collection, storage and sharing of politically sensitive data was a deep invasion of privacy and involved “bulk data” full of “rich personal information,” much of which “is not about our targets.”



Consulates and the Vatican in Chaos as HSBC Tells Them to Find Another Bank



Consulates & the Vatican in Chaos as HSBC Tells them to Find Another Bank


August 5, 2013


Bring it on baby! ~BK


Diplomats in London have been thrown into chaos after Britain’s biggest bank, HSBC, sacked them as customers and gave them 60 days to move their accounts.


Their situation has been made far worse because other banks have been closing ranks and refusing to take their business.


More than 40 embassies, consulates and High Commissions have been affected. Even the Vatican has been given its marching orders.



Havoc: HSBC’s decision to sack embassies as customers has caused chaos also because other banks refused to take their business


The Pope’s representative office in Britain, the Apostolic Nunciature, has banked with HSBC for many years but was told to find another bank.


One diplomatic source said he believed HSBC feared being exposed to embassies after it was fined $2billion (£1.32billion) by US authorities last year.


It was blamed for alleged money-laundering activities said to have been conducted through its Latin American operations by drug cartels. HSBC admitted at the time that it had failed to effectively counter money laundering.


Bernard Silver, head of the Consular Corps, which represents consuls in the UK, said: ‘HSBC’s decision has created havoc. Embassies and consulates desperately need a bank, not just to take in money for visas and passports, but to pay staff wages, rent bills, even the congestion charge.’


Embassies also have to pay for ambassadorial accommodation and sometimes even school fees for diplomats’ children. None of these bills can be settled without a valid British bank account.


John Belavu, minister at the Papua New Guinea High Commission, said: ‘We’ve been banking with HSBC for 22 years and for them to throw us off in this way was a bombshell.’


Lawrence Landau, honorary consul of Benin, said: ‘We have been trying everyone, but all the UK banks are clamming up.’


Other embassies are equally fraught. One said: ‘HSBC did not give us any real explanation. They have only given us until the middle of August to find another bank. We can’t find one and we are going crazy.’


Marching orders: The Vatican’s representative office in Britain has been told by HSBC to find another bank.


Banking sources said diplomatic missions are considered to be ‘politically exposed’, which means they are at risk of money laundering activities.


HSBC, however, claims its decision is part of an assessment of all business customers to see if they satisfy five criteria – ‘international connectivity, economic development, profitability, cost efficiency and liquidity’.


One diplomat said: ‘We don’t even know what these criteria mean.’


HSBC would not explain the requirements to The Mail on Sunday and merely said: ‘HSBC has been applying a rolling programme of “five filter” assessments to all its businesses since May 2011, and our services for embassies are no exception.’


The Foreign & Commonwealth Office said it was in contact with HSBC and had provided a number of diplomatic missions with letters of introduction ‘to help in opening a new bank account’.


The debacle comes as HSBC prepares to unveil its half-year profits tomorrow. The group is expected to report that it made $14.6billion (£9.6billion) in profits for the first six months of the year. It made $12.7billion in the same period last year.