Description: It seems that even big fines are not enough to prevent financial institutions from helping their clients hide from tax authorities. The International Consortium of Investigative Journalists recently released  various details about HSBC’s Swiss operation, where “piles of cash” were hid from taxing authorities. Britain appears to have generated roughly $200 million in revenue from its tax enforcement that  followed the release of various bank documents by a whistle blower.

Source: Globe and Mail.com

Date:  February 10, 2015

Link:  http://www.theglobeandmail.com/report-on-business/rob-commentary/rob-insight/hsbc-tax-case-shows-even-huge-fines-may-not-deter-badly-behaving-bankers/article22883784/

Discussion Points:

1) What was your response to this article?

2) What are some of the ethical issues raised from this article?

3) What can governments do to encourage better tax compliance?