Call for thorough probe of Irish HSBC files

Tax evasion scams similar to the scheme operated by the Switzerland-based private bank division of HSBC will become much less common in the future on the back of tighter legislation, according to a leading tax expert.

Revenue officials netted €4.5m from 20 Irish people holding HSBC Swiss bank accounts who had not paid tax on the deposits. The names emerged through files obtained by the Washington-based Centre for Investigative Journalism, which show that HSBC held over €100bn in secret accounts in its Swiss private bank.

The files related to 2007 and Irish Revenue officials subsequently uncovered these accounts during a probe of offshore accounts in 2010. Director of taxation with Chartered Accountants Ireland, Brian Keegan, said a combination of international legislation and Revenue’s Offshore Assets Group would make it very hard for anyone to hide money from the authorities.