Brazil tax authorities examining a trove of data on HSBC Holdings Plc clients are looking for signs the nation’s citizens broke laws while holding $5.4 billion almost a decade ago in Swiss accounts at the bank.
The Receita Federal tax agency found Brazilians stockpiled those funds in 1,702 accounts at the end of 2006 after it reviewed data obtained through an agreement with French authorities, according to an e-mailed statement Monday.
The tax authority is cross-referencing the information with its own data and asked the nation’s central bank to help sift for criminal acts against the financial system, such as money laundering, according to the statement. Receita also is seeking to identify any public servants and other people with political ties among the HSBC customers.
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