Compliance

India Had HSBC List Of Client Data Even Before Bilateral Pact Was Agreed - Report

Tom Burroughes Group Editor 29 October 2014

India Had HSBC List Of Client Data Even Before Bilateral Pact Was Agreed - Report

A reports says the Indian government had details of the overseas bank accounts of 75 individuals and entities named in the so-called "HSBC Geneva list" even before Swiss authorities agreed this month to share data with the country.

The Indian government had the details of the overseas bank accounts of 75 individuals and entities named in the so-called "HSBC Geneva list" even before Swiss authorities agreed this month to share data with the country, according to a report by Indian Express.

The information had been given by HSBC itself following negotiations between the bank and Indian income tax authorities in January 2013. HSBC made the details available earlier this year, before the NDA government came to power, the publication said.

HSBC declined to comment to WealthBriefingAsia about the matter.

On 15 October, following a Swiss-India meeting, the countries issued a joint statement that said the “Swiss authorities would assist in obtaining confirmation on the genuineness of bank documents on request by the Indian side”.

The HSBC list reportedly contains details of accounts held by 628 Indian individuals and entities at the Geneva branch of HSBC’s Swiss subsidiary, HSBC Private Bank, the report said. The data was stolen from the bank by a former employee, Herve Falciani, in 2006, and was supplied to India by France in June 2011, the report said, adding that Indian authorities are currently checking that list.

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