HSBC Jersey Account Investigated by HMRC

15 - 11 - 2012

Britain’s biggest bank HSBC is under the spotlight following a report that serious criminals have used offshore accounts at its Jersey operation for the purpose of money laundering.


HMRC is examining a recently leaked list of 4,388 British residents banking in the Channel Islands for possible tax evasion. The list is reported to include the details of a well-known drug-dealer living in Central America, bankers accused of fraud and a man once known as London’s ‘number two crook’.
It is not illegal to hold an offshore bank account. However, it is illegal to hide the interest that accrues on the money held and to avoid paying tax on that interest to HMRC.
Director General of Jersey Financial Services Commission John Harris: ‘Any concerns of money of possible criminal origin will be robustly investigated’.
HMRC said: ‘Clamping down on those who try to cheat the system through evading taxes and over-claiming benefits is a top priority for us, and we value the information we receive from the public and business community.’
HSBC said it was investigating ‘an alleged loss of certain client data in Jersey as a matter of urgency’.






Foremans LLP Umberlla
Foremans LLP