HSBC whistleblower in hiding amid money-laundering investigation

Swiss authorities have opened a criminal inquiry after allegations that a former HSBC employee gave stolen data concerning client accounts at the bank’s Geneva branch to French tax authorities.  The whistleblower has also sparked a money-laundering investigation in France and a diplomatic tussle between Paris and Berne over the latest breach in Swiss banking secrecy.  Eric Woerth, the French Budget Minister, faced claims that he had compiled a list of 3,000 French people suspected of holding Swiss bank accounts to avoid paying tax in France. Mr Woerth said that he had not paid for the information, but pointedly failed to deny that he had used it.  Le Parisien newspaper said that the files contained details of thousands of clients of HSBC Private Bank in Geneva. The bank sought to downplay the controversy and said that “potentially fewer than ten people” were involved. It did, however, confirm that a former employee in its IT department had stolen data.

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