In 2007, a man computer security expert named Herve Falciani stole hard drives containing the banking information of more than 100,000 HSBC clients. Falciani gave the hard drives to French authorities, who have been using the information since then to track down tax evaders.
Yesterday, some of the information found in the files was made available through the International Consortium of Investigate Journalists. The organization chose to keep individual information private, but it did release data regarding the number of clients per country.
The leaked information (covering 1988-2007) contains the following facts regarding Venezuela:
- Venezuelan clients had $14.4 billion in HSBC accounts in 2007, third behind Switzerland and the United Kingdom.
- 696 Venezuelan clients opened 1,282 accounts between 1984 and 2006. Active account rates more than tripled between 1997 and 2006.
The leaks offer a profile of Alejandro Andrade, former presidential bodyguard and national treasurer between 2007 and 2010. According to the leaked information, Andrade had control of the Venezuelan Treasury Office account at HSBC in 2007. The main treasury account was linked with three others, which together held $698 million in 2006/2007. Six of the seven other names linked to the account belong to Venezuelan officials at the Treasury Office.
Andrade currently lives in the wealthy Miami neighbourhood of Wellington, where he invests money on show horses.
When asked in an interview why he had decided to leak the data, Falciani said that he just wanted to “raise alarm” over what he considers to be improper banking practices.
Leaks Show “Concerning” Relationship Between HSBC, Clients
According to CBS News, Jack Blum, a former U.S. Senate staff investigator, looked at the files and found that HSBC “is trying to accommodate the secrecy needs of the client”, which he considers to be a “concern”. Blum argues that the files show that HSBC was eager to help clients conceal money, and that HSBC failed to act according to the law when it suspected or knew that the money it held was obtained illegally.
Food Prices Increase 90% in 1 Year
According to the the Instituto Nacional de Estadisca (INE) [National Statistics Institute], the price of the basic food basket rose 90% between November 2013 and November 2014. The basket, made up of 50 basic food products, cost Bs. 6,383.62.
For reference, the minimum wage was increased by 15% earlier this year, and it currently sits at Bs, 5,634.47 per month.
Palmeri Bacchi Sentences to 6 Years in Jail
Former judge Benny Palmeri Bacchi was sentenced to six years in a federal prison today in the United States, after pleading guilty to obstruction of justice, money laundering and extortion in a Miami court last week. During the sentencing hearing, Bacchi expressed “regret” for his actions and asked for leniency from the judge.
Bacchi was arrested on July 18, 2014 at the Miami International Airport while on a trip to Disney World with his family. He was accused of being connected with the Norte de Cali cartel, which smuggled cocaine into the United States through Venezuela.
In Venezuela 