The latest banking scandal, that banking giant HSBC assisted customers to avoid paying tax, involves almost 2,000 individuals and companies with links to Canada. The story, which was revealed by whistleblower Hervé Falciani and published by French newspaper Le Monde along with a network of investigative journalists worldwide, involves more than US $100 billion and 106,000 customers. Those with links to Canada have around C$4 billion stashed in secret Swiss bank accounts. The Canada Revenue Agency has already recovered $28.4 million in unpaid taxes from 264 Canadians who have voluntarily come forward and will therefore avoid criminal charges.
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