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

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.

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