According to a new report HSBC’s private Swiss bank helped hide millions of dollars for drug traffickers, arms dealers and celebrities, as it helped wealthy people around the world dodge taxes. The report from the International Consortium of Investigative Journalists and several news organizations is based on leaked documents that lift the veil on the country’s banking secrecy laws.
According to ICIJ’s report, academics estimate that $7.6 Trillion is being held in overseas tax havens, depriving governments of approximately $200 Billion a year in tax revenue. HSBC is based in Britain.
ABC’s Tom Rivers joined us for more details.
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