5th Apr 2016 06:37
LONDON (Alliance News) - Credit Suisse Group AG and HSBC Holdings PLC on Tuesday dismissed suggestions they actively used offshore structures to help clients cheat on their tax, Reuters reported.
The report comes after a massive leak of documents nicknamed the "Panama Papers" exposed the offshore holdings of current and former world leaders and celebrities.
HSBC said the documents pre-dated a thorough reform of its business model, the report said, while Credit Suisse CEO Tidjane Thiam said his bank only looks to manage lawful assets.
"We as a company, as a bank only encourage the use of structures when there is a legitimate economic purpose," Thiam told a media briefing.
"We work closely with the authorities to fight financial crime and implement sanctions. Our policy is clear that offshore accounts can only remain open either where clients have been thoroughly vetted (including due diligence, 'Know Your Customer', source of wealth, and tax transparency checks), where authorities ask us to maintain an account for the purposes of monitoring activity, or where an account has been frozen based on sanctions obligations," a spokesperson for HSBC told Alliance News.
http://uk.reuters.com/article/uk-panama-tax-banks-idUKKCN0X208V
By Samuel Agini; [email protected]; @samuelagini
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
HSBC Holdings