We apply the spirit as well as the letter of the law in all territories where we operate, and have adopted the UK Code of Practice for the Taxation of Banks. As a consequence, we pay our fair share of tax in the countries in which we operate.
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:
Information on some other key global tax transparency initiatives can be found here:
HSBC puts great emphasis on values. We believe in being dependable and doing the right thing.
Operating with high standards of conduct is central to our long-term success. We have processes, policies and a culture designed to ensure fair outcomes for customers and protect the integrity of financial markets.
The Board has appointed a number of committees consisting of certain Directors and co-opted non-director members.
Global growth slows further
HSBC economists have cut their 2019 global growth forecast from 2.6 per cent to 2.4 per cent.
Our ESG Update
HSBC’s latest ESG report outlines how the bank is working to meet its wider responsibilities.
Helping rugby’s future stars
More than 100,000 children attended HSBC rugby programmes around the world last year.