From the director of ‘Goldman Sachs: The Bank that Rules the World’ comes a major new investigation into corruption at one of the world’s top financial institutions - HSBC.
The release of the Panama Papers revealed for the first time the workings of 214,000 off-shore companies. A quarter of the off-shore companies created by Mossack Fonseca were in Hong Kong, known as a hub for recycling funds of uncertain provenance from China. At the heart of this hidden network were the banks who moved capital, potentially coming from tax evasion, corruption, or organized crime, between Hong Kong and other off shore havens, covering their tracks and making this money harder to trace. HSBC was heavily involved in this process.
Then came the Swiss Leaks scandal when a former HSBC staffer handed over files to the French authorities, leading to fresh allegations of tax evasion. Has HSBC become a Trojan horse that could threaten global financial stability?