Swiss Leaks: Tax Evasion in Times of Austerity

by Ibrahim Warde,

The French tax authorities, striving to combat fraud, keep replaying the hall-of-mirrors scene from Orson Welles’ 1947 film The Lady from Shanghai where the jealous husband’s shots keep hitting the lady’s reflection in the mirrors, and eventually she escapes.

It will be the same for the investigation into HSBC’s Swiss subsidiary, HSBC Private Bank (Suisse), after a whistle-blower, computer engineer Hervé Falciani, leaked data on 106,000 accounts for 2005-07, including files that reveal the comments of the relationship managers who look after private clients.

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