HSBC Private Bank hands over the #receipts! in a deferred prosecution agreement. They have 3 years to prove they are cooperating before charges will be dropped against the bank.
$192M penalty for helping tax evasion
HT @LJT_is_me #ButNothingsHappening
justice.gov/opa/pr/justice…
$192M penalty for helping tax evasion
HT @LJT_is_me #ButNothingsHappening
justice.gov/opa/pr/justice…
HSBC admits to conspiring with more than 700 wealthy Americans to hide a peak of $1.26 billion in deposits from the IRS from 2000-2010. So the total money moved was much higher. Wouldn't want to be one of those clients! 
It also covers accounts that were kept open up to the end of 2017.
The bank admits to & paid back $60M in taxes that were evaded. $72M in fees they charged these US clients. Along with a $60M penalty.
Of course the IRS can still go after the customers for the $60M now that they have all the receipts!
Of course the IRS can still go after the customers for the $60M now that they have all the receipts!
How did they hide the money in the first place? Shell companies, tax havens, the usual string of locations but much was revealed by the #PanamaPapers as those foreign shell companies suddenly showed who was behind them!
So where do you recruit clients that want to hide assets & evade taxes? Apparently one place was the Design Miami arts & design show.
Wanna take any guesses as to who else hangs out at Design Miami?
My guesses would include the Podestas & Epstein...
Wanna take any guesses as to who else hangs out at Design Miami?
My guesses would include the Podestas & Epstein...
Looks like HSBC also helped some of their customers make big donations to the Clinton Foundation. HT @Dust_Off70
theguardian.com/us-news/2015/f…
theguardian.com/us-news/2015/f…
