Alex Cobham, chief executive of Tax Justice Network, said: “Allegations of laundering and tax evasion on this scale would, if proven, indicate the bank was effectively a global criminal enterprise.”
“We hope that the evidence that secrecy in places like Switzerland feeds evasion and avoidance is heard by their lordships when they come to vote on this,” she said. “There is a massive industry of people making a lot of money working for accountants, lawyers advisers and banks, far too many of whom are complicit in aggressive avoidance and evasion.”
The MP Margaret Hodge said the case demonstrated the need for reform in tax havens. She urged support for an amendment to the criminal finances bill which would force British jurisdictions like Jersey and Guernsey to publicly name the owners of offshore companies by 2020. The House of Lords is due to vote on Hodge’s transparency clause next week.
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