A large network of investigative journalists has found that the Swiss arm of Britain’s largest bank helped wealthy clients avoid taxes and hide hundreds of millions of dollars in assets.

In a report released Sunday, the Washington-based International Consortium of Investigative Journalists revealed secret bank documents from several years ago that show British banking giant HSBC provided accounts to international criminals, celebrities, politicians, members of royal families, athletes and corporate executives.

The criminals include members of drug cartels, arms dealers and fugitive diamond merchants.

ICIJ obtained the secret documents with the help of the French newspaper Le Monde.  They contain details of more than 100,000 clients from around the world.

HSBC responded to the report by saying its compliance efforts have been insufficient.  The bank said it has undergone a “radical transformation” in recent years and now enforces more stringent reporting requirements.

These revelations may trigger calls for closer oversight of sophisticated tax avoidance by the wealthy and multinational companies, a key political issue in Britain and across Europe.
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