Financial Transparency Coalition

. . . or at least that's what seems to be suggested in an article entitled "Top executives join France exodus." It focuses quite heavily (though not exclusively) on tax. "Exodus" is a pretty big word. Now let's see. What does the article actually say?

This is shocking, if not surprising. How no one at HSBC will go to jail.

The Tax Justice Network has blogged repeatedly on the thoroughly toxic and dangerous tax deals that Switzerland has signed with Germany and the UK and others and is seeking to expand as a model to other countries. We have demonstrated on several occasions that the deals - which are supposed to apply withholding taxes on secret assets, in exchange for continued anonymity - are all but worthless, from a technical point of view (that is, they are absolutely riddled with loopholes, and will raise only a fraction of the promised sums; we have sent our detailed analysis to tax...

Switzerland’s so-called “Rubik” tax deals with Germany and the United Kingdom are effectively defunct, following robust challenges from the European Commission recently which require the deals to be watered down so drastically that they will be functionally almost useless.