HSBC Leak Shows New Zealand Connection

February 11, 2015 New Zealand Taxation

The controversial information leaks from HSBC bank have shown that New Zealanders are associated with accounts worth more than USD 150 million.

Earlier this week the International Consortium of Investigative Journalists released the results of a new investigation into information leaked from the HSBC bank, providing details regarding the involvement of New Zealanders with accounts held at the bank.

According to the ICIJ, between 1975 and 2006 194 separate bank accounts were opened by HSBC for New Zealanders, or for clients associated with New Zealand via local lawyers, specialists, companies or operations.

The information in the leak investigated by the ICIJ shows that 110 clients have some association with New Zealand, although only 41 percent of them hold a New Zealand passport.

It is estimated that the value of the accounts held by New Zealanders or associated with New Zealanders was approximately USD 151.6 million in 2006, with the largest account being valued at USD 49.9 million.

Photo By: Will Lord