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HMRC claws back £135m from Swiss banking clients

HMRC claws back £135m from Swiss banking clients

HMRC has recovered £135 million from clients that were named on a leaked list of HSBC's private banking operation in Switzerland.

According to the Telegraph, the Revenue told a parliamentary hearing that one person had been prosecuted from a list of 24,000 HSBC Private Bank clients leaked by former employee Herve Falciani. He said he wanted to expose tax evasion.

His actions led to a French probe into HSBC to determine whether it had also helped French customers avoid taxes. Britain and Spain followed suit,

HMRC figures showed that Britain recovered less than Spain, which clawed back £220 million, while France retrieved £188 million, the Telegraph reported.

Britain pursued up to 3,800 taxpayers for payments, with the preferred option through voluntary settlements rather than  prosecution, HMRC said, adding that 13 investigations are ongoing.

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