It has been confirmed that the list containing details of foreign clients taken in 2008 from HSBC in Switzerland includes information on 7,000 accounts held by Italians totalling USD6.9bn.
IT expert, Hervé Falciani, admitted to passing the information to the French tax authorities, with encryption codes, in July 2008, and tax authorities have been using that information to secure prosecutions. A request from Italy was sent last month to the French prosecutor in Nice requesting details of the accounts held by Italians within that list.
Those details have now been obtained by the Italian financial police (Guardia di Finanza), and refer to accounts held in Switzerland in 2005 and 2006. More than 130 accounts held over USD10m at that time.
More than half (51%) of the individual account holders identified are business owners, while the various professions (such as lawyers and dentists) represent a further 14%. Ordinary individuals and company employees take up a further 15% and 11% respectively, while pensioners are only 4.5% of the total. 63% of the names are resident in Lombardy.
It is said that the new names so identified will enable the Guardia di Finanza, together with the Italian Revenue Agency, to open new lines of investigation, or re-open dormant enquiries, on the movement of Italian funds in Switzerland.
A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.aspTags: tax | law | offshore | business | individuals | banking | offshore banking | banking secrecy | offshore confidentiality | tax compliance | Italy | compliance | Italy
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