Financial Conduct Authority will purchase no action against bank whose Swiss arm helped clients to evade taxHSBC will not face formal action from the City regulator following revelations that the Swiss arm of Britain’s biggest bank helped clients to evade tax.
HSBC was engulfed in scandal a year ago when leaked bank account details showed how the bank’s Swiss unit helped wealthy customers to dodge taxes by concealing assets and handing out bundles of cash to avoid the authorities.
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Source: theguardian.com