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HSBC Bermuda ‘does not condone tax evasion’

HSBC Bank Bermuda has released a statement saying it does not condone tax evasion after a Boston bank director was charged with failing to report a Bermuda account he held with the bank to US authorities.Michael Schiavo, a managing director at SCG Consulting Group, failed to file a Report of Foreign Bank and Financial Accounts form, or FBAR, with the Treasury Department disclosing the account at HSBC Bank Bermuda, according to a criminal charge filed last Thursday in federal court in Boston.An HSBC Bank Bermuda spokeswoman said: “HSBC does not condone tax evasion. HSBC fully supports US efforts to promote appropriate payment of taxes by US taxpayers. HSBC complies with the law in all the jurisdictions in which it operates and co-operates fully with requests from proper authorities.”