HSBC Leak Reveals Icelandic Tax Dodgers - The Reykjavik Grapevine

HSBC Leak Reveals Icelandic Tax Dodgers

Published February 10, 2015

Nanna Árnadóttir
Photos by
Wikimedia Commons

Accounts leaked by a whistleblower reveals that banking giant HSBC helped clients across the world evade hundreds of millions of dollars worth of tax, including six individuals with ties to Iceland across 18 accounts.

RÚV reports that a total of 1.3 billion ISK or 9.5 million USD is attributed to these 18 accounts. One of the 6 individuals linked to the accounts has an Icelandic passport, the other five are either foreigners with ties to Iceland or holding companies.

HSBC admitted that it was accountable for past control failures, but insists it has now “fundamentally changed”.

As reported, the Icelandic Head of the Directorate of Tax Investigations – who has yet to speak to the press – has been struggling to gain political and financial backing from the Minister of Finance to purchase data from an informant that proves 100 Icelanders performed illegal tax evasion manoeuvres.

The data the Head of the Directorate of Tax Investigations wants to procure however, is not the same information revealed in the HSBC leak.

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