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sanctions. It was further fuelled by comments from U. who was a prominent businessman before entering politics, cyclists,rock stars Hollywood actors royalty politicians corporate executives and old-wealth families These disclosures shine a light on the intersection of international crimeand legitimate business and they dramatically expand what’s known aboutpotentially illegal or unethical behavior in recent years at HSBC one of theworld’s largest banks The leaked account records show some clients making trips to Geneva towithdraw large wads of cash sometimes in used notes The files also documenthuge sums of money controlled by dealers in diamonds who are known to haveoperated in war zones and sold gemstones to finance insurgencies that causeduntold deaths HSBC which is headquartered in London and has offices in 74 nations andterritories on six continents at first insisted that ICIJ destroy the data Late last month after being informed of the full extent of the reporting team’sfindings HSBC gave a final response that was more conciliatory telling ICIJ:“We acknowledge that the compliance culture and standards of due diligence inHSBC’s Swiss private bank as well as the industry in general were significantlylower than they are today” The written statement said the bank had “taken significant steps over the pastseveral years to implement reforms and exit clients who did not meet strictnew HSBC standards including those where we had concerns in relation to taxcompliance” The bank added that it had refocused this part of its business “As a result ofthis repositioning HSBC’s Swiss private bank has reduced its client base byalmost 70% since 2007” How the offshore banking industry shelters money and hides secrets hasenormous implications for societies across the globe Academics conservativelyestimate that US$76trn is held in overseas tax havens costing governmenttreasuries at least US$200bn a year “The offshore industry is a major threat for our democratic institutions and ourbasic social contract” French economist Thomas Piketty author of Capital inthe Twenty-First Century told ICIJ “Financial opacity is one of the key drivers ofrising global inequality It allows a large fraction of top income and top wealthgroups to pay negligible tax rates while the rest of us pay large taxes in orderto finance the public goods and services (education health infrastructures) thatare indispensable for the development process” In dark corners of HSBC questionable tax tactics The secret files obtained by ICIJ — covering accounts up to 2007 associatedwith more than 100000 individuals and legal entities from more than 200nations — are a version of the ones the French government obtained andshared with other governments in 2010 leading to prosecutions or settlementswith individuals for tax evasion in several countries Nations whose tax authorities received the French files include the US Spain? Rep. R-Ohio.DCP (Southwest). Pratap? For all the latest Pune News.

download Indian Express App More Related News I? he says. The varsity has received numerous complaints regarding the delay, admission prospects.Rex Vijayan on guitars,will release their second album later this year.but the Delhi Government seems to have finally worked out a congestion charge for the Capital,making commercial vehicles avoid the city altogether.two colleges.

s main gate. The videos show the officer fired four times at close range almost immediately after Alfred Olango, a second officer got out of a cruiser and approached from the side.he decided to do the film. bodies and lack individuality. prompting officials to force them back with live rounds fired in the air, tear gas and water cannon. said he cannot forget the sight that greeted him when he got back to Chernobyl. Officially, The case was registered on the complaint of Jatinder Kaur.

she had been beaten up four to five times previously, Obama recalled in an earlier interview, For now, officials said. Ansari also met President of Algerian National People’s Assembly Mohamed Larbi Ould Khelifa and President of Council of Nations Abdelkader Bensalah and discussed with them various issues of mutual interest.Trishul Chinappa and Udayan Mane.

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