The HSBC scandal and the Middle East: what we know so far:
"Switzerland, because of its secretive banking system, has long been a haven for dictators and criminals to stash their ill-gotten gains, as well as a place where the wealthy have accounts in order to avoid – or evade – paying tax in their home countries.
Over the last few days leaked files relating to some 100,000 HSBC clients and accounts in Switzerland have been causing a huge stir in Europe, mainly because of tax-dodging by some prominent figures and HSBC's apparent connivance in it.
The leaks also revealed billions of dollars deposited with HSBC in Switzerland by clients from the Middle East, and so far these have not received much media attention. This blog post is an attempt to compile what is known so far about the thousands of accounts which have a Middle East connection."
'via Blog this'
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