Here an amazing story of where the Swiss branch of major international bank, HSBC, helped wealthy clients hide secret bank accounts from the tax authorities. It’s a must-read. Check it out!
The article highlights case after case where wealthy families have been helped to hide their cash.
Many of the of the examples are related to the UK. Despite the overwhelming evidence, few people have been prosecuted and gone to jail in the UK. The UK tax authorities, HMRC, have preferred to exact massive penalties for tax evasion.
Clearly, there’s something wrong when the wealthy are able to avoid custodial jail sentences and just offer up money in a settlement.
Let me illustrate the extremes of banking regulation. These days, when ordinary people in the UK want to take out a mortgage to buy a home, they are embarrassingly forced to explain almost every pound of their house-hold budget.
This leads me to an open question:
Why is there seemingly one law for the privileged and wealthy and another for ordinary people?