HSBC helped conceal $100 bln in Swiss accounts

File photo of HSBC [Photo: Xinhua]

British bank HSBC admitted its Swiss subsidiary helped wealthy customers dodge taxes and conceal millions of dollars of assets.

Earlier media reports by the International Consortium of Investigative Journalists revealed how HSBC used the secretive Swiss banking system to conceal the identities of accounts holders to avoid paying taxes.

The number of accounts in HSBC Swiss private bank have fallen from 30-thousand to 10-thousand in the past 7 years.

A former HSBC IT worker leaked detailed information of HSBC's Swiss private bank.

Swiss authorities have charged the worker with industrial espionage and breaching the country's secrecy laws.

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