Banks & regulators must counter tax cheats and stay business-friendly

THE scandal that has erupted anew over HSBC's apparent role in helping clients evade taxes through Swiss bank accounts is one that has played out several times in the recent past in the financial industry.

In 2009, UBS paid US$780 million to settle a tax evasion probe by the US Justice Department. In 2012, Standard Chartered Bank agreed to a US$340 million fine with the New York State Department of Financial Services for hiding transactions with Iran. Last year, it agreed to another US$300 million...


BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes