Revenue Service probes HSBC Switzerland accounts traced to Brazilian nationals

The Federal Revenue Service is probing into accounts maintained by Brazilian nationals with HSBC Bank in Switzerland. The accounts were listed by the International Consortium of Investigative Journalism and may be involved in tax evasion.

“A total 6,600 bank accounts, reportedly associated with 4,800 Brazilian nationals, were opened in the bank between 1988 and 2006, which in 2006 and 2007 held a total $7 billion,” the IRS said.

The tax authority went on to report it has gained access through its intelligence unit to a section of the list containing names of people that have financial dealings with HSBC. “Preliminary analyses found some of these taxpayers may have omitted, or provided inconsistent information to Brazil's Revenue Service, among other concerns,” it said.

The agency says it is conducting further investigations including through international cooperation to identify as many of the involved Brazilians as possible and trace any unreported amounts. Tax dodgers could face tax claims and even criminal charges for tax violations.

“It should be noted that some of these names had been investigated by the Revenue Service in the past,” the authority said. It is now coordinating its activities with other organizations towards a joint strategy to identify and hold any potential tax dodgers accountable for financial crimes and possibly money laundering.

Translated by Mayra Borges