In April 2016 the ICIJ and partners published the Panama Papers, leaked from the Panamanian law firm Mossack Fonseca.
ICIJ found that more than 500 banks, subsidiaries and branches had registered nearly 15,600 shell companies through the firm between 1977 and 2015. HSBC and its affiliates accounted for more than 2,300, more than any other bank.
Registering an offshore company is not in itself evidence of wrongdoing. The UK financial regulator gave firms a deadline to review their links to Mossack Fonseca.
HSBC’s position
HSBC, like the other banks named, rejected the allegations.
The evidence
3 sources- Exhibit AThe 10 banks that requested the most offshore companies for clientsICIJ (Panama Papers) · April 2016 · projects.icij.org
- Exhibit BPanama Papers: HSBC helped rich clients register more than 2,300 shell companiesSouth China Morning Post · April 2016 · scmp.com
- Exhibit CUK financial services watchdog gives firms until next week to carry out their reviews into the Panama PapersCity AM · April 2016 · cityam.com
Last checked 2 November 2026. Something wrong or out of date? Tell us and we’ll correct it.