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HSBC Investigation: clients of Britain's biggest bank exposed
Key Excerpts from Article on Website of The Telegraph (One of the UK's leading newspapers)
Posted: November 19th, 2012
http://www.telegraph.co.uk/finance/newsbysector/banksandfina...
Britains biggest bank is at the centre of a major ... investigation after it opened offshore accounts in Jersey for serious criminals living in this country. Tax authorities have obtained details of every British client of HSBC in Jersey after a whistleblower secretly provided a detailed list of names, addresses and account balances earlier this week. Among those identified on the list are Daniel Bayes, a drug dealer who is now in Venezuela; Michael Lee, who was convicted of possessing more than 300 weapons at his house in Devon; three bankers facing major fraud allegations and a man once dubbed Londons number two computer crook. The disclosures raise serious questions about HSBCs procedures in Jersey, with the bank already preparing to pay fines of around $1.5 billion in America for breaking money laundering rules. The bank is legally obliged to report to the authorities any suspicions about the source of money deposited in its accounts. The list identifies 4,388 people holding 699 million in offshore current accounts and they are also likely to have billions of pounds more in investment schemes. Several celebrities and other well-known figures are understood to be identified in the client data. The HSBC Jersey client list is understood to be heavily dominated by senior figures in the City. Dozens of bankers are understood to have deposited six-figure sums offshore with some institutions said to have clusters of employees taking advantage of the accounts. Doctors, mining and oil executives and oil workers are also heavily represented in the list.
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