Panama papers

HSBC boss on the Panama Papers: ‘We welcome more transparency’

At the annual general meeting of HSBC Holdings plc in London, Group Chairman Douglas Flint said the world is moving toward "greater transparency and fuller disclosure, which we welcome."

Europe is leading the world toward more transparency, Flint said, and the effort "has to be taken seriously."

His remarks were reported by the bank in its Form 6-K (Report of Foreign Private Issuer) filed with the SEC on April 22.

Flint said "the circumstances alleged in the Panama Papers with regard to HSBC are largely historical, in some cases dating back 20 years, and so predate the tough financial crime, regulatory compliance and tax transparency standards which HSBC has put in place in recent years."

Issues in its Swiss Private Bank had already caused HSBC to enforce more transparency and fuller disclosure, Flint said.