Legal
Switzerland Charges Ex-HSBC Employee With Industrial Spying, Breach Of Secrecy Law - Report

Swiss authorities have charged a former computer analyst at the private bank of HSBC in Geneva with industrial espionage and breach of secrecy laws for sending client data abroad.
Swiss authorities have charged a former computer analyst at the
private bank of HSBC in
Geneva with industrial espionage and breach of secrecy laws for
sending client data abroad, Reuters reported.
HSBC declined to comment to WealthBriefing about the
matter.
The report said Herve Falciani gave prosecutors in France and
Spain data on thousands of Swiss bank accounts. He has previously
told the news service that he is a whistleblower trying to help
governments track down citizens who used accounts in Switzerland
to evade paying tax.
But Switzerland's attorney general, which did not identify
Falciani by name, has said that Falciani had tried to profit from
the data. It accused him of trying to sell the information to
banks in Lebanon.
"Sometimes celebrated as a hero abroad, the Franco-Italian
national is now to answer for his alleged crimes before a Swiss
court. The Swiss Criminal Procedure Code does not exclude the
possibility of holding a court trial of the accused person in
absentia," the attorney general's office said in a statement.
The report adds to a number of recent episodes that have
presented HSBC’s private banking business in a potentially
unflattering light. The Swiss private banking part of the firm
has been charged by a Belgian court with tax fraud and money
laundering after being accused of helping wealthy customers avoid
tax, costing hundreds of millions of euros in unpaid taxes.
Prosecutors allege that the bank helped hundreds of clients,
including diamond dealers in Antwerp, move money to onshore tax
havens located mainly in Panama and the British Virgin Islands.
HSBC says it is co-operating with investigations. Meanwhile,
Argentina’s tax agency has charged HSBC for helping more than
4,000 clients evade taxes by hiding their money away in secret
Swiss bank accounts.
In the Falciani case, HSBC has previously challenged parts of the
man’s version of events, the news service said, giving the
example of his claim that he is a whistleblower. HSBC has claimed
he tried to sell the data he absconded with and only cooperated
with prosecutors when he was arrested in Spain to face
extradition charges.
Monaco-born Falciani, who has French and Italian citizenship,
collected data on HSBC account holders when he worked in its
information technology department from 2006 to 2008.