Saturday, 28 February 2015 23:48

The HSBC tax scandal exposes a secretive industry serving a wealthy global elite

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The chair of the Public Accounts Committee on HSBC's role in cheating the public purse, and why HMRC has some serious questions to answer.

The revelations about the role of Britain’s biggest bank in seemingly helping wealthy individuals avoid and potentially evade tax have shocked us all.

The Public Accounts Committee first raised the so-called Falciani list - the leaked names of 130,000 potential tax evaders using the Geneva branch of HSBC - with HMRC in July. HMRC admitted that although it had received a list of almost 7,000 names as long ago as May 2010, it had so far recouped only £130m and prosecuted just one individual.

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