British bank HSBC helped wealthy customers avoid tax and hide millions of dollars, according to reports.
Files passed to authorities and now seen by the International Consortium of Investigative Journalists show the bank provided account facilities to international criminals, corrupt businessmen, as well as politicians and celebrities.
The thousands of account details from HSBC's private bank in Switzerland were actually first leaked in 2007 and HSBC says it has now 'fundamentally changed'.
The files reportedly show the bank colluded with clients to hide accounts from tax officials in their own countries.
Criminal investigations have been launched in the US, France, Belgium and Argentina, but no similar action has yet been taken in the UK.
Justin Urquhart Stewart of Seven Investment Management says the revelations go beyond simple legality and into morality.
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OUT: …as well."
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Justin Urquhart Stewart of Seven Investment Management says after a series of banking scandals - this won't be the last.
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Justin Urquhart Stewart of Seven Investment Management says for authorities now promising to get tough with banks on this issue - it's easier said than done.
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