* HSBC admits failings by Swiss subsidiary
* Leaked documents allege bank helped clients to evade taxes
* Allegations date back to 2006-07
* Clients include music and sports stars, royalty
* HSBC said Swiss business has since had “radical transformation” (Adds details of HSBC account holders)
By Steve Slater and Joshua Franklin
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HSBC said the number of accounts in its Swiss private bank was much lower, however. It could not explain the difference. HSBC said its Swiss private bank had 30,412 accounts in 2007, which had fallen to 10,343 at the end of last year.
HSBC said it was cooperating with authorities investigating tax matters. Authorities in France, Belgium and Argentina have said they are investigating.
France’s Finance Minister Michel Sapin in Istanbul said action was already underway against any wrongdoers.
“In most of the cases pertaining to France, investigations, trials are already running or will be launched against all those who defrauded tax authorities,” he told Reuters TV in Istanbul on the sidelines of the G20 meeting.
Britain viewed criminal prosecutions as difficult to achieve and the tax office had focused on taking civil action, minister Gauke said. The UK tax office said it had brought in 135 million pounds ($205 million) in tax payments, interest charges and penalties after working through the HSBC client list. ($1 = 0.6576 pounds) (Additional reporting by Tom Miles in Geneva, Mark John in Paris and Andrew Osborn in London; Editing by Alexander Smith, Keith Weir and Jane Merriman)
