The Guardian in the UK, Le Monde in France, the BBC (which runs a Panorama programme on the subject tonight) and other outlets are working together and publishing stories on the controversy. One of the first individuals in the spotlight is Richard Caring, owner of the Ivy Restaurant in London. Leaked records show that he took the equivalent of US$3.4m in cash from HSBC in Geneva in September 2015. His lawyers gave a response to the Guardian.
Lawyers respond
The Guardian asked who was to receive the money. Mr Caring's lawyers said: 'It is a private matter in which there was no impropriety on our client’s part. HSBC records show some concern about Mr Caring's withdrawal but, apparently, seek to justify it by saying: 'RC goes to great lengths to maintain discretion.' Other notes on Mr Caring's account relate to other transactions. The bank also notes at one stage: 'He stressed … due to his non-UK domicile status … he holds funds outside of the UK entirely legitimately.'
Internal procedures
Mr Caring's lawyers, responding to the Guardian's enquiries on the $3.4m withdrawal added that there were 'internal administrative procedures … to check the legitimacy of the transaction and avoid money-laundering'. HSBC now says it has controls in place relating to withdrawals of US$10,000 or more.
Allen & Overy has just warned banks and other institutions about the steps they can take to pre-empt the risks of leaks. While many people, such as Mr Caring, are not being accused of breaking any laws, the issue carries reputational risk. Source: The Guardian
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