Jonathan Ivinson Interviewed on Dukascopy TV on HSBC Tax Evasion Scandal
Jonathan Ivinson, partner in Akin Gump’s tax practice, was interviewed by Switzerland’s Dukascopy Bank’s Dukascopy TV to discuss HSBC’s link to clients dealing in tax evasion and other criminal activities.
Ivinson said the recent public disclosure of HSBC’s alleged involvement in helping customers evade tax payments is not new and that it only came to light now “because the names [of the individuals involved] found their way into the press. He also noted that, due to it being an “old story,” the implications for the Swiss private banking industry are not very significant. He added that Swiss banks are now very heavily regulated and “the system has been completely cleaned up.”
When asked what people affected by this scandal can do, Ivinson said most of them have already been caught, paid the penalties and fines and moved on. For others who want to sue, “their main action is probably against the bank.”
Looking ahead, Ivinson does not think these types of scandals will continue. In Switzerland, he said, “the only dirty laundry to come out will be from the past. It may well be that in other countries that haven’t cleaned up their act, there could be more to come,” but he doesn’t see anything to indicate a repeat of this sort of behavior.