You turn to us for voices you won't hear anywhere else.

Sign up for Democracy Now!'s Daily Digest to get our latest headlines and stories delivered to your inbox every day.

Report: HSBC Help Clients Hide over $100 Billion in Accounts

HeadlineFeb 09, 2015

New details have emerged on the global bank giant HSBC’s tax-sheltering and money-laundering services for wealthy and sometimes criminal clients. According to the International Consortium of Investigative Journalists, HSBC used its private Swiss arm to hide more than $100 billion in accounts used by weapons dealers, tax dodgers, dictators and celebrities. Leaked files reportedly include evidence that HSBC helped its clients avoid taxes in their home countries. The documents have sparked criminal probes in several countries, including the United States. In 2012, HSBC reached a $1.9 billion settlement in the United States for a massive money-laundering scheme used by drug cartels and other illegal groups. Among other allegations, the bank reportedly supplied a billion dollars to a firm whose founder had ties to al-Qaeda and shipped billions in cash from Mexico to the United States despite warnings the money was coming from drug cartels.

The original content of this program is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License. Please attribute legal copies of this work to democracynow.org. Some of the work(s) that this program incorporates, however, may be separately licensed. For further information or additional permissions, contact us.

Non-commercial news needs your support

We rely on contributions from our viewers and listeners to do our work.
Please do your part today.
Make a donation
Top