French HSBC tax case report reveals US$5b in Swiss funds

France needs to beef up its methods of fighting tax evasion, according to a parliamentary report on a probe into HSBC that revealed US$5 billion (HK$38.8 billion) of undeclared assets in thousands of Swiss bank accounts.

The report, published on Wednesday, looked at why it took French authorities more than four years to begin an investigation after a former HSBC employee gave them a list of people who held money at the global bank’s Swiss arm.

via Business feed http://www.scmp.com/business/banking-finance/article/1280158/french-hsbc-tax-case-report-reveals-us5b-swiss-funds