Following information leaked to the French media, by Hervé Falciani, a former employee of the bank. some European countries have been reclaiming massive amounts of unpaid tax. The UK has not.
The Tory led coalition have tried to shift the blame onto their predecessors in government, Labour, but that has not worked. Labour may have been made aware of wrongdoing in their dying days of office but the coalition government has been in office almost five years and failed to act. Of the 1,000 possible tax avoiders highlighted in the UK only one person has been prosecuted; HMRC did recover £135m. "French authorities have recovered £188m in taxes and fines from a list of 3,000 clients and Spain has recovered £220m, also from 3,000 clients." Guess it depends who has the will to investigate and what government priorities are. In the UK it is blaming the poor, vulnerable and welfare claimants for any economic woes. HSBC said Wednesday they continue to work with Swiss authorities maintaining they have done this since the issue was raised in 2008.
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