HSBC ‘not representative’ of Swiss banking

HSBC ‘not representative’ of Swiss banking Matthew Allen, Swissinfo.Ch

03.00.2015

Helping tax cheats or money launderers has never been an integral strategy of the Swiss financial centre, Swiss Bankers Association (SBA) chief executive Claude-Alain Margelisch tells swissinfo.ch as the HSBC ‘Swiss Leaks’ scandal continues.

The unsavoury activities of HSBC, UBS and others, brought into the public domain by the International Consortium of Investigative Journalists, were the exception rather than the rule, the Swiss banking lobby group insists.

After a series of reforms which are still ongoing, the Swiss financial sector has already evolved beyond recognition from the days of tax evasion scandals, Margelisch says.

swissinfo.ch: Have recent international headlines about alleged tax evasion and money laundering painted a fair picture of...