The Telegraph has revealed that HSBC has opened hundreds of offshore accounts for criminals and tax avoiders says Move Your Money UK.
4,000 names were leaked by an HSBC whistle blower who is understood to have hundreds more names from across the globe.
Louis Brooke, spokesperson for Move Your Money UK, said:
“Big Banks like HSBC feel free to break the law with absolute impunity.Â Â We urgently need to hold the big banks to account, that’s why we are are calling on everyone – individuals, businesses, Local Authorities, charitiesÂ Â – to take a stand and move their money out of corrupt banks.”
Katherine Segal, who works in digital marketing in London, is leaving HSBC following the revelations:
“I don’t want my money supporting a bank which is helping criminals and tax avoiders stash their cash in offshore accounts.Â Â It’s insulting: as an honest customer I earn a pittance on my deposits with HSBC whilst they offer gold-plated deals to sinister figures from across the globe”.
Move Your Money is an independent, not-for-profit campaign group, calling on people to move their money out of the big banks and into ethical, local and mutual alternatives. Â They estimate thatÂ since January over 500,000 peopleÂ have moved out of the big banks and into mutual such a the building societies, ethical banks and local credit unions (2). Â Over the coming months Move Your Money UK will be working with small business, charities, social enterprises and local authorities to help them to move their money too.