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An ICIJ Investigation
Swiss Leaks
Murky Cash Sheltered by Bank Secrecy
How one of the world’s largest banks helped shelter millions in accounts linked to arms dealers, dictators and tax evaders
![HSBC faced increased scrutiny from regulators and policymakers following ICIJ's Swiss Leaks investigation in February](https://media.icij.org/uploads/2017/10/00920-hsbc-ap_933015972682-1.jpg)
Whistleblower? Thief? Hero?
Whistleblower? Thief? Hero? Introducing the Source of the Data that Shook HSBC
By Martha M. Hamilton
February 8, 2015
- HSBC Private Bank (Suisse) continued to offer services to clients who had been unfavorably named by the United Nations, in court documents and in the media as connected to arms trafficking, blood diamonds and bribery.
- HSBC served those close to discredited regimes such as that of former Egyptian president Hosni Mubarak, former Tunisian president Ben Ali and current Syrian ruler Bashar al-Assad.
- Clients who held HSBC bank accounts in Switzerland include former and current politicians from Britain, Russia, Ukraine, Georgia, Kenya, Romania, India, Liechtenstein, Mexico, Lebanon, Tunisia, the Democratic Republic of the Congo, Zimbabwe, Rwanda, Paraguay, Djibouti, Senegal, Philippines and Algeria.
- The bank repeatedly reassured clients that it would not disclose details of accounts to national authorities, even if evidence suggested that the accounts were undeclared to tax authorities in the client’s home country. Bank employees also discussed with clients a range of measures that would ultimately allow clients to avoid paying taxes in their home countries. This included holding accounts in the name of offshore companies to avoid the European Savings Directive, a 2005 Europe-wide rule aimed at tackling tax evasion through the exchange of bank information.
BEHIND THE SCENES
![](https://media.icij.org/uploads/2023/04/Gerard-Ryle-2022-Tunis.jpg)
Apr 03, 2023
Ten years of exposing the financial secrets of some of the world’s most powerful people
Europe
![](https://media.icij.org/uploads/2021/10/Swiss-flag-e1666329065389.jpg)
Oct 21, 2022
Switzerland aims to track corporate ownership in attempt to curb money-laundering
BEHIND THE SCENES
![Reporters convene during a trip to Bermuda for Paradise Papers.](https://media.icij.org/uploads/2021/07/Will-Fitzgibbon-Bermuda-reporting-Paradise-Papers.jpg)
Jul 07, 2021
How reporting for ICIJ prepared me to become a certified anti-money laundering specialist
PANAMA PAPERS
![Mining Billionaire Beny Steinmetz Bribery Trial Begins](https://media.icij.org/uploads/2021/01/Steinmetz_GettyImages-1230529333.jpg)
Jan 11, 2021
Steinmetz and European, US advisers on trial for mining ‘corruption pact’ in West Africa
MONEY LAUNDERING
![](https://media.icij.org/uploads/2021/12/MossFon-GettyImages-1400w-e1719628038445.jpeg)
Jun 28, 2024
Panama Papers trial concludes with all defendants acquitted of money laundering
IMPACT
![](https://media.icij.org/uploads/2023/04/Roman-Abramovich-GettyImages-630264848.jpg)