A panel of UK lawmakers is set to launch a probe into HSBC Holdings following allegations that the lender had helped wealthy clients evade taxes and hide assets worth millions of dollars.
A Labour party member and chair of the Public Accounts Committee Margaret Hodge said, "Today’s shocking revelations about HSBC further expose a secretive global industry serving a wealthy elite.
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"The Public Accounts Committee will be launching an urgent inquiry to which we will require HSBC to give evidence – and we will order them if necessary".
Multiple media outlets had recently accused the Swiss arm of the British lender of helping clients dodge taxes.
The allegations were based on documents obtained by French newspaper Le Monde and published by the US-based International Consortium of Investigative Journalists.
According to the documents, over 100,000 people and legal entities including criminals, arms dealers, politicians and celebrities held HSBC’s Swiss bank accounts valued at over $100bn.
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By GlobalDataThe bank had admitted its Swiss subsidiary’s failings on the issue.
