HSBC Scandal Causes Irritation In Parliament by Thomas Stephens, swissinfo.ch
The so-called Swiss Leaks revelations have re-opened questions and criticism of regulators’ ability to supervise the banking sector. Politicians are demanding explanations from the cabinet.
The revelations concern the Swiss HSBC subsidiary. It allegedly helped some clients avoid paying taxes by hiding billions of dollars, according to HSBC files stolen by a former employee in 2007. French authorities obtained the files, which contain information on 100,000 bank customers, after raiding former IT specialist Hervé Falciani’s home.
“First of all I would like to know how long the Swiss Financial Market Supervisory Authority (FINMA) has known about the existence of this data, what supervisory measures it has taken concerning HSBC and...
Login required to continue reading.
Setup a free account to get access to this article (no credit card required).
View Full Article
