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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  HSBC Holdings Plc    HSBA   GB0005405286

HSBC HOLDINGS PLC

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HSBC : France denies restricting UK pursuit of HSBC tax evaders

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02/13/2015 | 12:55pm EST

PARIS (Reuters) - France's finance minister said on Friday Paris had not restricted the use of HSBC client data it passed on to UK authorities to help pursue tax evaders, contradicting comments by a senior British official.

Britain's Financial Secretary to the Treasury David Gauke said in parliament this week that France had provided leaked information on accounts at the British bank "under very strict conditions".

In response, French Finance Minister Michel Sapin told newspaper Le Monde he "did not understand" Gauke's remarks.

"The HSBC data were sent to them in 2010 under our bilateral conventions," Sapin said in the interview, adding: "If the British tax authorities wanted to open a court case, they most certainly could. Then it's a matter of judicial cooperation."

France has had access to leaked HSBC client data since 2008, according to the International Consortium of Investigative Journalists (ICIJ), which coordinated the release of details.

HSBC has admitted failings in compliance and controls at its Swiss bank after the ICIJ organised the simultaneous publication of client names and details by several media outlets.

Gauke said British tax authorities were seeking information from the ICIJ as the data it had received from France was restricted in use.

"HMRC received the HSBC data under very strict conditions that limited the department's use of it to pursuing offshore tax evasion and prevented HMRC from sharing the data with other law enforcement authorities," he said in parliament on Monday.

"Under these restrictions, HMRC has not been able to seek prosecution for other potential offences such as money laundering," he added.

Gauke said the French had that same day confirmed they would help the British authorities to "exploit the data to the fullest".

(Reporting by Leigh Thomas, Additional reporting by Tom Bergin in London; Editing by Laurence Frost and Gareth Jones)

Valeurs citées dans l'article : HSBC Holdings plc, ABLE INC.
Stocks mentioned in the article
ChangeLast1st jan.
HSBC HOLDINGS PLC -0.68% 570.3 Delayed Quote.-11.24%
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Financials (USD)
Sales 2019 55 049 M
EBIT 2019 21 222 M
Net income 2019 13 152 M
Debt 2019 -
Yield 2019 6,91%
P/E ratio 2019 11,2x
P/E ratio 2020 10,6x
Capi. / Sales2019 2,71x
Capi. / Sales2020 2,65x
Capitalization 149 B
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Average target price 7,96  $
Last Close Price 7,38  $
Spread / Highest target 50,6%
Spread / Average Target 7,83%
Spread / Lowest Target -14,3%
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Noel Quinn Chief Executive Officer & Executive Director
Mark Edward Tucker Non-Executive Group Chairman
Andrew Mitchell Maguire Group Chief Operating Officer
Ewen James Stevenson Chief Financial Officer & Executive Director
Darryl West Chief Information Officer
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