HSBC Was Active in Shell Company Referrals, Leak Report Alleges
- Bank said among those that referred clients to Panama firm
- Credit Suisse, UBS said active in creating shells since 1977
Panama Leak Reports World Leaders' Hidden Billions
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A trove of leaked documents casts HSBC Holdings Plc into a harsh light, as a consortium of investigative journalists said it found the bank was among the most active in registering shell companies that move money around the world on behalf of rich and politically connected clients.
HSBC and its affiliates accounted for more than 2,300 of the 15,600 shell companies that Mossack Fonseca, a Panama law firm, helped form for clients of hundreds of international banks, according to findings released by the International Consortium of Investigative Journalists.