Leaked HSBC files reportedly show the bank helped clients dodge taxes

An HSBC branch in New York City.
(Image credit: Andrew Burton/Getty Images)

Thousands of documents stolen in 2007 by a computer expert working for HSBC in Geneva show that Britain's biggest bank helped customers evade taxes, the BBC reports.

The documents contain information on more than 100,000 clients from around the world. While having offshore accounts is typically not illegal, deliberately hiding money to evade paying taxes is, and French authorities who looked at the data determined that 99.8 percent of its citizens on the list were likely evading paying taxes. In the UK, tax agency HM Revenue and Customs identified 1,100 people who did not pay their taxes, but says that since it was given the list in 2010 it has received £135 million ($200 million) in tax, interest, and penalties from those who hid assets in Switzerland.

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Catherine Garcia, The Week US

Catherine Garcia has worked as a senior writer at The Week since 2014. Her writing and reporting have appeared in Entertainment Weekly, The New York Times, Wirecutter, NBC News and "The Book of Jezebel," among others. She's a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.