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.... Everyone connected to the deals received a bribe, in cash, or sometimes in the form of luxury cars, expensive art works, Rolex watches, $3,000 bottles of wine, yachts and helicopters. Huge sums were deposited in Swiss bank accounts, or laundered via overseas property deals or smaller companies. ... [Read full article on Guardian ]
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Latest Finance News related to Swiss Bank Account

Swiss 'spied inside German ministry' in tax scandal image
Source : BBC [Read Article] Thursday 4th of May 2017 11:22:21 AM
.... . Since 2010 North Rhine-Westphalia (NRW), Germany's most populous state, has paid whistleblowers millions of euros for data CDs revealing secret Swiss bank accounts. ...
Swiss 'tax spy' arrested in Germany image
Source : BBC [Read Article] Sunday 30th of April 2017 02:18:37 PM
....Reports suggest the man may have spied on German tax investigators. Tax authorities in Germany have controversially bought CDs of information from whistleblowers in Swiss banks as they try to catch German residents with Swiss bank accounts. ...
Firms giving advice on aggressive tax avoidance could face large fines image
Source : Guardian [Read Article] Tuesday 16th of August 2016 11:01:16 PM
....Firms including PriceWaterhouseCoopers, KPMG, Deloitte and Ernst & Young and a select band of tax lawyers have previously been accused by MPs on the public accounts committee (PAC) of helping major corporate clients to minimise tax by exploiting complex schemes. Thousands of wealthy individuals, meanwhile, were revealed to have avoided tax on their Swiss bank accounts through offshore companies marketed by HSBC and other European lenders. ...
Make UK super-rich pay one-off wealth tax, says Fabian Society image
Source : Guardian [Read Article] Sunday 12th of June 2016 03:47:49 PM
....Related: Recession rich: Britain's wealthiest double net worth since crisis. He said it “sticks in the craw” of nurses, soldiers and small business people that others reduce their taxes “through fictitious film schemes or Swiss bank accounts”. ...
HMRC 'not doing enough' to tackle fraud image
Source : BBC [Read Article] Thursday 14th of April 2016 11:03:30 PM
....But it told the MPs that it did not know how many had been successfully prosecuted. In addition, only one person was prosecuted after a former HSBC employee called Herve Falciani handed over a list of potential tax evaders with Swiss bank accounts in 2015. ...
French ex-minister in tax fraud trial image
Source : BBC [Read Article] Monday 8th of February 2016 10:05:38 AM
.... . Jerome Cahuzac resigned in 2013 after it emerged he had once held an undeclared Swiss bank account and had lied about it to parliament. ...
Rolls-Royce faces new questions in Brazil corruption investigation image
Source : Guardian [Read Article] Friday 1st of January 2016 05:51:51 PM
....Faerman, a former sales agent for SBM in Brazil, was allegedly involved in arranging multimillion-dollar bribes for the Dutch company. Payments of at least $46m were made via Swiss bank accounts, acccording to a statement from federal prosecutors in Rio de Janeiro. ...
HMRC boss given Damehood despite 'abysmal' customer service image
Source : Telegraph [Read Article] Wednesday 30th of December 2015 10:30:15 PM
.... . HMRC has also been criticised for failing to make any prosecutions after it was handed the names of hundreds of British customers who used a Swiss bank account which allegedly helped clients avoid taxes. ...
German state buys USB said to hold evidence of €600m in tax avoidance image
Source : Guardian [Read Article] Tuesday 3rd of November 2015 12:05:23 PM
....High-profile cases have included that of the former German international football player and president of Bayern Munich, Uli Hoeness, who was sentenced to three-and-a-half years in prison for tax evasion in 2014. Hoeness, who was in the West Germany team that won the World Cup in 1974, admitted to hiding large profits he had made on the stock market in a Swiss bank account. ...
Revenue & Customs 'winding down' inquiries into HSBC Swiss tax evaders image
Source : Guardian [Read Article] Wednesday 9th of September 2015 06:43:48 PM
....Stephen Phillips, a Conservative member of the committee that questioned tax officials, said it was shocking that HMRC has failed to prosecute more tax evaders involved in the scandal. “HMRC’s view that it’s OK for people who illegally hid their money in Swiss bank accounts just to pay the back tax and a small percentage penalty without being prosecuted sends an appalling message. ...
Argentina orders HSBC to replace boss image
Source : BBC [Read Article] Wednesday 2nd of September 2015 09:06:08 AM
....In November Argentine authorities charged HSBC with helping more than 4,000 clients evade taxes. The bank was accused of helping clients hide money in Swiss bank accounts. ...
Argentina orders HSBC to replace CEO in country image
Source : Telegraph [Read Article] Tuesday 1st of September 2015 09:17:57 PM
.... . Argentine authorities clashed with HSBC in November when they charged the lender with helping more than 4,000 clients evade taxes by stashing their money in secret Swiss bank accounts. ...
Rolls-Royce cooperating with Brazilian investigation into Petrobras bribery image
....Related: Brazil elite profit from $3bn Petrobras scandal as laid-off workers pay the price. The Swiss attorney general’s office is also looking into the businessman over the alleged use of Swiss bank accounts, according to the newspaper O Estado de São Paulo. ...
Sue you later: Jack the Suit returns to the fray image
Source : Independent [Read Article] Friday 14th of August 2015 12:42:04 AM
....3m) in court deposits and his lawyer says the first court hearings could take place as soon as next month. He claims some of the bribes were paid into Swiss bank accounts, giving him the right to sue under Switzerland’s Unfair Competition Act, which covers corporate theft. ...
After Hillary Clinton helped settle tax case, UBS increased foundation support image
....Hillary Clinton’s overlap of private and political activities was once again in the spotlight on Thursday after a Wall Street Journal report that since Clinton helped broker a settlement in a legal tax case against UBS while she was secretary of state, the Swiss bank has increased its financial support and involvement in Clinton Foundation projects. In February 2009, the IRS sued UBS and demanded that it disclose the names of 52,000 possible American tax evaders with secret Swiss bank accounts. ...
UK to back SBM Offshore despite bribery investigations image
Source : Guardian [Read Article] Thursday 30th of July 2015 07:25:54 PM
....SBM have admitted to paying over $120m to the agent in Brazil between 2007- 2011 but insist the company has severed all ties with the Brazilian national, Julio Faerman, who is believed to be living in London. Earlier this year, Brazil’s Folha de Sao Paulo newspaper reported that SBM transferred around $77m to the Swiss bank accounts of two offshore companies owned by Faerman, according to documents provided by the Swiss attorney general. ...
IMF heads must roll over shameful Greek failings image
Source : Telegraph [Read Article] Saturday 27th of June 2015 05:38:52 PM
.... Take the Russian financial crisis of 1998. The $5bn the IMF lent to help the country over its difficulties was immediately stolen and spirited away into Swiss bank accounts. ...
Belgium targets £390m in unpaid tax as HSBC considers job cuts image
Source : Guardian [Read Article] Tuesday 2nd of June 2015 04:36:07 PM
. Belgium is hoping to retrieve €540m (£390m) in unpaid tax avoided from money hidden in HSBC Swiss bank accounts. ...
Nina Ricci heir convicted of tax evasion in France with help of HSBC image
Source : Guardian [Read Article] Monday 13th of April 2015 02:12:58 PM
....The heir to the Nina Ricci perfume dynasty has been sentenced to three years in prison, two of them suspended, after being convicted on Monday of hiding money from the French taxman with the help of HSBC. A Paris court also fined Arlette Ricci €1m (£722,000) after declaring she had shown a “particularly determined willingness for more than 20 years” to hide money left to her by her father in Swiss bank accounts. ...
HSBC's attempts to clean up US business practices are falling short, report says image
.... Those revelations, reported in the Guardian and other publications, have provoked a political backlash in a number of countries and put HSBC’s business activities under fresh scrutiny. Stuart Gulliver, HSBC’s chief executive, has appeared before MPs twice since the details of the Swiss bank accounts were published in February. ...
Jamie Dunkley: Credit Suisse role will really be a test of Tidjane Thiam's mettle image
....For analysts and investors, yesterday’s news is very much Prudential’s loss and Credit Suisse’s gain with Dougan (top) coming under renewed fire last year when the Swiss bank pleaded guilty and paid $2. 6bn to US regulators for allowing American citizens to avoid tax through secret Swiss bank accounts. ...
HSBC bosses deny they knew about Swiss tax evasion image
Source : Telegraph [Read Article] Monday 9th of March 2015 07:23:18 PM
.... Ms Fairhead was told to quit as BBC Trust Chair . Mr Gulliver, who has faced questions about his own tax affairs after it emerged that he had a Swiss bank account, held through a Panamanian company, repeated his assertion that he was the right man to lead the bank, which he has tried to clean up since being made chief executive in 2011. ...
HSBC accused of incompetence by MPs in tax scandal image
Source : BBC [Read Article] Monday 9th of March 2015 04:23:20 PM
...."I would like the chance to finish what I've started," he said, citing his efforts to make HSBC's compliance procedures the "highest standards of money laundering controls" during his five years as head of the firm. He defended his personal financial structure - which includes being domiciled in Hong Kong, a Swiss bank account, and a Panamanian shell company he once held for privacy reasons - by saying when the accounts were created, he was a junior employee in Hong Kong. ...
Watch: HSBC boss Stuart Gulliver apologises to MPs over Swiss bank claims image
Source : Telegraph [Read Article] Wednesday 25th of February 2015 05:21:22 PM
.... . Mr Gulliver was also quizzed by lawmakers over revelations this week that he had received his HSBC bonuses through a Swiss bank account that was held by a Panamanian-registered firm and opened in 1998. ...
HSBC bosses apologise for 'unacceptable' practices  image
Source : BBC [Read Article] Wednesday 25th of February 2015 03:16:37 PM
....". Mr Gulliver, who has worked for HSBC for 35 years and became chief executive in 2011, told the committee that his personal holding of a Swiss bank account through a Panamanian company had "no tax purpose". ...
HSBC bosses face questions from MPs over Swiss bank claims: as it happened image
Source : Telegraph [Read Article] Wednesday 25th of February 2015 02:55:49 PM
.... • Mr Gulliver has said the revelations have brought "shame" on the bank. However, he has defended his use of a Swiss bank account at the time, saying it was used to hide his pay from snooping employees. ...
HSBC bosses to answer MPs' questions image
Source : BBC [Read Article] Wednesday 25th of February 2015 12:00:20 AM
....HSBC was put under further pressure this week when details emerged about the tax arrangements of its chief executive Stuart Gulliver. The bank confirmed that Mr Gulliver uses a Swiss bank account to hold his bonus payments. ...
HSBC boss Stuart Gulliver summoned to face MPs after Swiss account details emerge image
.... . On Sunday, when The Guardian reported about Mr Gulliver's Swiss bank account, John Mann, the Labour MP who sits on the committee, said the evidence session would be "rather interesting". ...
HSBC boss Stuart Gulliver defends himself against claims of secret Swiss account image
.... . It emerged that Stuart Gulliver, based in Britain but “domiciled” in Hong Kong, had used a Swiss bank account and a Panamanian company to conceal his bonus payments. ...
Switzerland deal to help Italy combat tax evasion image
Source : BBC [Read Article] Monday 23rd of February 2015 07:49:13 PM
....The deal offers a partial tax amnesty to Italians that have hidden cash in Switzerland. They will have until 30 September to declare their Swiss bank accounts through a "voluntary disclosure procedure. ...
HSBC scandal: George Osborne to announce huge fines for banks involved in tax evasion image
....1bn in 2014 – and after the latest allegations centred on the company’s own chief executive, Stuart Gulliver. Mr Gulliver insisted he had always paid full UK tax on all his earnings, after reports that his bonuses were paid into a Swiss bank account through a Panamanian company, and said the arrangement was halted in 2009. ...
HSBC boss's Swiss account revealed as bank's profits plummet by 17% image
Source : Daily Express [Read Article] Monday 23rd of February 2015 10:10:00 AM
....". Mr Gulliver's Swiss bank account is used to hold assets he earned whilst living and working overseas before his return to the UK in 2003. ...
HSBC blames 'challenging year' as profit falls 17% image
Source : BBC [Read Article] Monday 23rd of February 2015 08:40:14 AM
...."When commentators extrapolate instances of control failure or individual misconduct to question the culture of the firm, it strikes painfully at the heart of our identity," it added. On Sunday, Mr Gulliver himself was dragged into the Swiss tax furore, with HSBC confirming he used a Swiss bank account to hold his bonuses. ...
HSBC confirms its chief holds Swiss bank account image
Source : BBC [Read Article] Monday 23rd of February 2015 12:58:38 AM
. HSBC has confirmed that its chief executive Stuart Gulliver uses a Swiss bank account to hold his bonuses. ...
HSBC boss drawn into tax furore image
Source : Telegraph [Read Article] Monday 23rd of February 2015 12:47:17 AM
.... . HSBC last night confirmed that Stuart Gulliver, its chief executive, who is domiciled in Hong Kong, where he was based between 1980 and 2003, opened a Swiss bank account in 1998. ...
Ex-HSBC chairman Lord Green steps down from The City UK image
Source : BBC [Read Article] Saturday 14th of February 2015 01:55:46 PM
...."Why did they appoint Lord Green as a Tory minister months after the government received these files? Why have we only had one prosecution out of 1,100 names? And why did George Osborne and the Treasury sign a deal with the Swiss in 2012 which prevents the UK from actively obtaining similar information in the future?". A very senior figure in financial services told BBC business correspondent Joe Lynam that it was "mind bogglingly naive that everyone, especially politicians, should be surprised that people saved large sums of money in Swiss bank accounts". ...
Source : Independent [Read Article] Wednesday 11th of February 2015 07:17:31 PM
....The Prime Minister, who faces questions over the Government’s failure to act over evidence of widespread tax evasion involving HSBC’s private Swiss bank, later complained his opponent had been “personally horrid” during their encounter. The Labour leader came under pressure when he was challenged by Lord Fink to repeat claims that the peer had used a Swiss bank account to avoid tax. ...
Sketch: ‘I want to put a BOMB under you guys!’ Margaret Hodge batters HMRC over tax evasion claims image
.... HMRC was “failing to serve the British tax-payer”. It should have done more to tackle British citizens hiding money in Swiss bank accounts. ...
HSBC scandal: Philip Green's friends distance billionaire from Swiss bank investigation image
....Sources close to Philip Green, however, said this was “wholly untrue”. They added that Green himself does not have any Swiss bank accounts. ...
A story of love, power and money beyond the imagination of Tolstoy image
Source : Independent [Read Article] Wednesday 19th of November 2014 12:32:24 AM
MPs tell HMRC to pick up the pace of tax investigations image
Source : BBC [Read Article] Tuesday 18th of November 2014 12:01:14 AM
....2bn from the Treasury. The committee members were also concerned about slow progress in acting on information from the Falciani list, which identified 3,600 UK individuals potentially avoiding tax using Swiss bank accounts. ...
Source : Independent [Read Article] Friday 3rd of October 2014 12:08:47 PM
....Last month, the bank said it would again appeal against a French court ruling demanding the guarantee payment after an initial appeal was turned down. Last year the French budget minister - whose department was overseeing a crackdown on tax evasion  - was forced to resign after it emerged that he had an undeclared Swiss bank account. ...
'I was terrified we'd lose all our money': banks tell US customers they won't work with Americans image
....It started with the Swiss banking scandals of 2009, when the US government aggressively went after banks that aided tax evaders. This effectively ended the reign of the famous, secretive “Swiss bank accounts” enshrined in thrillers like the Bourne Identity and James Bond films. ...
Source : Independent [Read Article] Tuesday 22nd of July 2014 11:52:09 PM
....“It looks like the Chancellor faces a battle to achieve his fiscal targets and he will certainly need growth to hold up,” IHS Global Insight’s Howard Archer added. But the picture should improve as the year goes on because the Treasury’s coffers were artificially boosted in April and May 2013 due to deferred payments to take advantage of the new lower 45 per cent top rate of income tax, as well as a £900m tax settlement over UK funds held in Swiss bank accounts. ...
Our rocketing national debt pile is the British economy’s Achilles’ Heel image
.... The figures are admittedly distorted by the fact that many high earners shifted some of their income into last April and May to benefit from the start of the new, lower 45p top rate of tax, which makes year-on-year comparisons look worse than they actually are. The Government also pocketed £900m from a levy on Swiss bank accounts. ...
US senators say more needs to be done after Credit Suisse indictment image
Source : Guardian [Read Article] Tuesday 20th of May 2014 04:38:26 PM
....He said the fine struck “an important blow against tax evasion through bank secrecy”. “But it is a mystery to me why the US government didn’t require as part of the agreement that the bank cough up some of the names of the US clients with secret Swiss bank accounts. ...
Credit Suisse charged by US for helping Americans evade tax image
Source : Telegraph [Read Article] Monday 19th of May 2014 10:50:39 PM
.... "This guilty plea strikes an important blow against tax evasion through bank secrecy. But if is a mystery to me why the US government didn’t require as part of the agreement that the bank cough up some of the names of the US clients with secret Swiss bank accounts," he said. ...
What to do when your buyer is accused of bribery image
Source : Telegraph [Read Article] Sunday 13th of April 2014 06:24:07 PM
.... The buyers had created much of the company’s success but bribery was endemic. I’m not just talking about a couple of cases of wine, these buyers expected free foreign holidays and money in Swiss bank accounts. ...
Credit Suisse takes new hit over tax probe image
Source : Independent [Read Article] Thursday 3rd of April 2014 10:49:29 AM
.... . Credit Suisse said it had taken another Swfr468 million charge on its continuing negotiations with the US Department of Justice over US citizens who avoided tax through Swiss bank accounts. ...

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