Banking giant HSBC involved in 'serious criminal activity'
Banking giant HSBC has been accused by a former Director of Public Prosecutions in Britain of engaging in “a systematic and profitable collusion in serious criminal activity” following revelations of its involvement in alleged tax evasion.
Ken Macdonald, who led the Crown Prosecution Service until 2008, said there existed “credible evidence” of HSBC’s involvement in “grave” cross-border crimes that should have been the subject of urgent and “sustained criminal investigation”.
Mr Macdonald added that a decision by Her Majesty’s Revenue and Customs not to investigate HSBC for its role in facilitating possible tax evasion was “seriously legally flawed”.
Mr Macdonald said there appeared to be credible evidence that “HSBC Swiss and/or its employees have engaged over many years in profitable collusion in serious criminal activity against the exchequers of a number of countries”.
“The wholesale nature of HSBC Swiss’s apparent involvement in what amounts to grave cross-border crime makes it all the more obvious that the relevant evidence, once it came to the attention of HMRC, should have been the subject of urgent criminal investigation.” (© Independent News Service)