Law360, New York (March 22, 2016, 5:08 PM EDT) -- The Italian financial police said Tuesday that they searched the house of an HSBC employee and identified 11 other promoters of its private banking services who helped Italian savers avoid taxes by hiding assets offshore, acting on information from Spanish authorities that originated with Herve Falciani.The Guardia di Finanza said the employee who worked for HSBC’s branch in Lugano, Switzerland, is among 12 bank employees who helped clients across Italy sock away what authorities called in an Italian-language statement “the fruits of tax evasion” in the accounts of shell companies domiciled in Panama, Luxembourg, Liechtenstein and the British Virgin Islands.... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
Italian police have searched the residence of a The Guardia di Finanza employee and identified 11 other promoters of the bank's private banking services in connection with an investigation into whether the bank helped Italian citizens avoid paying taxes; the police were acting on information provided from Spanish authorities.