Yes, that is actually the case, but I have to be honest, at first glance it seems impossible that such a small sum of money could be enough to buy all these services, especially for a large company.
If this is true, then it means there is a really hard problem to solve and there are a lot of reasons for this. It also raises the possibility of money-laundering because such a large amount of money could buy you a lot of other things, which is certainly not what you want to do right?
You might know that a few years ago, the Fafsa financial department became very concerned after finding out that “the black money (cash) of individuals is stored in HSBC’s (Hague’s bank of Switzerland) foreign accounts, with the amount of some 6.5 billion euros. It’s not only a scandal for Fafsa, it is a national scandal.”
It’s quite possible that in the last two years, many wealthy individuals have used this facility to hide their wealth from tax authorities. According to the press releases issued by HSBC, there are about 588,000 accounts with HSBC and a total of 3.6 billion euros with HSBC in foreign cash accounts.
The scandal is far reaching and it will probably be long overdue. I’ve personally talked to a number of bankers who are quite shocked that the authorities weren’t more serious about it. However, a lot of them also admit that they didn’t know about it all together. Maybe this is the reason why the banking scene is getting so hot and fast.
Is that a big coincidence?
It’s not a coincidence, no. The reason HSBC has been paying more attention to the problem is probably because its parent company, HSBC Bank has also been paying a lot more attention to the money-laundering problem, which makes its decision to move its tax-evasion procedures to an electronic system possible.
They are probably worried that it might get harder for tax authorities to find out about it in the future if there is less and less privacy.
It’s only natural to assume that if people with big money can’t hide behind the “digital privacy” walls, then it’s only a matter of time before they do.
Are the people in charge at the Swiss Confederation (or maybe other international bodies) taking this issue seriously?
Yes, they are.
There are a lot of people working with the tax department, but a lot of them are only
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