The tax authorities are attempting to obtain information on Maltese with offshore accounts at HSBC Bank’s Jersey branch, The Times has learnt.
The Inland Revenue Department is in the process of obtaining the necessary information
A list with the names of people holding offshore bank accounts in Jersey was leaked by a whistleblower to the UK tax authorities last week.
The list is purported to include people who opened accounts with HSBC Jersey to avoid the taxman or to deposit funds obtained through illicit means.
The existence of the list was revealed last week by The Daily Telegraph. It showed that 94 Maltese residents held bank accounts in HSBC Jersey with funds totalling almost €15 million.
The Finance Ministry confirmed that the tax authorities were chasing the information. “The Inland Revenue Department is in the process of obtaining the necessary information and will take the appropriate action required in this case,” a spokesman said.
Asked whether the IRD was willing to pay for the information, the spokesman said the department did not want to prejudge its actions. Although not all Jersey account holders are tax evaders or fraudsters, The Daily Telegraph highlighted the names of a few suspect British account holders.
The investigation by the UK tax authorities is trying to establish whether the offshore account holders evaded taxes. HSBC’s internal controls to avoid money laundering are also under the spotlight.
Antonio Simoes, the head of HSBC’s European retail banking and wealth management, Europe, issued an apology to Jersey customers for what he described as “misappropriation of data”.
However, he did not comment on the internal controls at the bank that have been an issue in the US after HSBC’s Mexican subsidiary was used by drug lords to launder money.
“I realise that this news must be very unsettling and I would like to reassure you that HSBC takes its duty to protect your data extremely seriously. If true, this leak only affects a small proportion of our customers in Jersey but, nonetheless, to have any data misappropriated is unacceptable,” Mr Simoes said.
He described The Daily Telegraph’s reportage as “very irresponsible” and said it was not in the public interest.
The Jersey Financial Services Commission said in a statement that it would investigate the matters raised by the press, including how the misappropriation of data occurred, and examine in detail the anti-money laundering systems and controls operated by the bank.
It said legislation required all banks in Jersey to operate robust systems and controls to prevent and detect money laundering.
An HSBC Group spokesman confirmed the bank would cooperate fully with the investigation.
ksansone@timesofmalta.com