HSBC man does tax man a favour

THANKS to Herve Falciani, the Madrid regional government has recouped €50 million. Between 2006 and 2008. The former HSBC employee, who has dual French-Italian nationality, compiled a CD giving details of 130,000 clients with concealed money in Swiss accounts.  

This was conveniently “seized” by the French government. He is now wanted n in Switzerland which is calling for his extradition from Spain. At the same time Falciani is very much-appreciated in Spain and all the countries whose nationals hid assets far from the taxman’s gaze.  

Hacienda, Spain’s authority, which has now confirmed 659 of 1,500 listed names and located 300 tax evaders, has compiled enough information to recover €260 million.

At least €50 million will go straight to the Madrid Community alone because Hacienda transfers the national tax on assets directly to Spain’s autonomous regions.

“We have worked side by side with Hacienda,” said an official from the Madrid regional government but declined to identify the alleged evaders.

Parallel to Falciani’s revelations, Hacienda’s own investigators located a further €545.9 million evaded by the Spanish – 34 per cent of the €1,591 million collected in all.

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