Our own policies often go further than the minimum required by local laws and regulations, and we continue to strengthen our processes to help ensure our banking services are not associated with any arrangements known or suspected to be designed to facilitate tax evasion.
Major regulatory reform is underway in numerous jurisdictions to ensure the timely sharing of information with relevant authorities.
The United States’ Foreign Account Tax Compliance Act (FATCA), the Organisation for Economic Co-operation and Development’s Common Reporting Standard (CRS) and other initiatives are designed to foster greater transparency and ensure that in the near future, an individual wishing to “hide” assets from tax authorities will be unable to do so. HSBC has been compliant with the United States’ FATCA since the effective date of 1 July 2014.
HSBC fully welcomes and supports these reforms, including the move to Common Reporting in 2016-2018, and is already in the process of adopting all necessary measures to fulfil its obligations.
Find out more about how HSBC continues to support and comply with global initiatives to improve tax transparency and protect the integrity of financial systems:
At HSBC, how we do business is as important as what we do. We seek to build
trust-based and lasting relationships with our many stakeholders.
Operating with high standards of conduct is central to our long-term success.
The Board has appointed a number of committees consisting of certain Directors,
Group Managing Directors and certain co-opted non-director members.