HSBC is shutting down all accounts in Jersey owned by UK customers, amidst growing pressure from UK tax authorities to ensure that offshore accounts are not used by banks to dodge taxes.
The move forms part of a process under which British lenders are carrying out checks on the identity and addresses of Channel Islands customers.
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HMRC launched a probe into a data leak at HSBC in Jersey in 2012, following which the lender was alleged of helping British residents to evade tax.
The bank was again embroiled in controversy in February 2015, when it was accused of helping wealthy clients dodge UK taxes worth millions of pounds.
HSBC, which stresses that it has adopted adequate measures to prevent its services being misused, is now inviting account holders in Jersey to go to local branches with their passport and address details to prevent their accounts being closed.
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By GlobalData
