The data leak sparked the most high-profile scandal in the history of international finance. HSBC is accused of aiding fraudsters, terrorists, and criminals, and of laundering $120 billion.
The scandal erupted thanks to the work of the Swissleaks group. It comprises 40 journalists from 140 European media outlets, including Tages Anzeiger, Der Bund, SonntagsZeitung, Le Matin Dimanche, Le Temps, and L'Hebdo.
Until 2006, a Saudi businessman who financed Osama bin Laden held an account at the bank.
An account was opened at the bank for a gang specializing in the distribution of methamphetamine to the United States and for an American drug dealer currently serving time for transporting 1212 kilograms of cocaine. Since September 2014, the group had been working with former HSBC network administrator Nerva Falciani, who fled Geneva for France.
This is the largest banking data leak in history. Details of 30 accounts containing approximately $120 billion have been published.
The French government has handed over account details to the governments of those countries whose citizens used Swiss transactions to evade taxes: Argentina, Belgium, Britain, the United States, and Greece.
Falciani's data shows that HSBC actively helped clients evade taxes and launder money, and handled accounts that channeled proceeds from arms sales, "blood diamonds" in Africa, and drugs.
The bank also opened accounts for a "long list of corrupt politicians" from Britain, Russia, India and several African countries.
The bank, in response to this scandal, released a statement stating that "such practices ceased in 2007."
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