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  1. Wealth
May 27, 2010

Tel: Italians’ $7bn hidden in HSBC accounts?

By Spear's

The financial police in Italy have said that their investigation into data stolen from HSBC in Switzerland has revealed that funds of up to $6.9bn (£4.8bn) may be affected in Italian accounts alone.

The financial police in Italy have said that their investigation into data stolen from HSBC in Switzerland has revealed that funds of up to $6.9bn (£4.8bn) may be affected in Italian accounts alone.

Italy’s authorities, which last week said they had been handed the data from French regulators, estimated that around 7,000 Italian clients of HSBC private bank in Switzerland are on the list and may be subject to a tax evasion probe.

A spokesman for HSBC said the bank did “not recognise” the numbers released by Italians.

In March the London-based bank said that a list of 24,000 Swiss clients had been stolen. The bank has said it has not seen the complete list but has warned that the data is “confusing and possibly misleading.” For instance, only 15,000 of the accounts listed on the list are current, according to HSBC.

To read the full story, visit telegraph.co.uk

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