Belgium accuses HSBC private banking arm of tax fraudNovember 17, 2014 - 17:47 AMT PanARMENIAN.Net - Authorities in Brussels have charged HSBC's private banking arm, which is based in Switzerland, with helping wealthy Belgians to avoid taxes, according to BBC News. Prosecutors allege that hundreds of clients - including diamond dealers in Antwerp - moved money to offshore tax havens with the help of the bank. They said it resulted in hundreds of millions of euros in lost tax revenue. In August, HSBC warned that the penalties in relation to such allegations "could be significant". In a statement, Belgian authorities accused HSBC of "having knowingly eased and promoted fiscal fraud by making offshore companies available to certain privileged clients". These companies, which are based in Panama and the Virgin Islands, exist for the sole purpose of tax evasion, they added. Over 1,000 taxpayers are alleged to have been involved in the fraud, which saw funds amounting to several billion dollars transferred out of Belgium since 2003. Banks operating in Switzerland, prosecutors argued, are bound by the European Union Savings Directive to counter cross-border tax evasion, by collecting information on the savings income foreign residents receive outside their resident state. Belgian authorities also published emails and other correspondence between HSBC and Belgian clients, which appear to show the bank offering tax evasion services. Prosecutor Michel Claise accused HSBC of "fraud, money laundering, criminal association and illegal exercise of the profession of financial intermediary". In October, Belgian police raided the homes of approximately 20 people with private bank accounts at HSBC's Swiss subsidiary, to gather evidence against the lender. HSBC has been subject to a series of fines for misconduct in recent years, most recently in relation the manipulation of foreign currency exchange rates. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |