Chancellor George Osborne has said that its not his job to investigate HSBC.
He has referred to political non-interference as being the bulwark of freedom in the country for hundreds of years.
The Chancellor said: “I don’t think it would be right – and actually when you pause to think about it I think most people would agree – I don’t think it would be right for a chancellor of the exchequer to direct prosecutions against individuals or individual companies.”
“The matter should be left for tax officials to investigate”, he has been quoted as saying.
- Osborne said allegations that London-based HSBC’s Swiss division helped clients in more than 200 countries dodge taxes on accounts containing 180 billion euros ($204 billion) were “very serious,” but that he should not be “directing the prosecutions.”
- “There are very serious allegations, there are allegations around tax evasion, which is illegal,” he said.
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- HSBC’s Swiss arm was searched by prosecutors on Wednesday as part of a new money-laundering investigation, amid reports the bank helped clients dodge significant amounts of tax but hiding funds overseas.
- HM Revenue and Customs has been criticized for only prosecuting one person of out the 1,100 discovered to owe tax.
- The government has been accused of not taking enough action over the 30,000 accounts holding £78bn of assets and making HSBC’s former boss a minister.
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