HSBC Money Laundering Whistleblower Now Onboard with Taboow Cryptocurrency
HSBC Whistleblower Who Exposed Money Laundering Turns Into Crypto Promoter
Herve Falciani, a whistleblower who leaked data that exposed several tax evading clients of HSBC, in which he worked at the time. has basically just given the finger to banks once more. Now, he is focused in increasing crypto awareness.
The former computer systems analyst is now promoting a crypto called Taboow. This anti-fraud activist is not living a good time in his life, though, as he is in Spain awaiting the courts to decide whether he should be extradited to Switzerland or not. He was already sentenced to five years in jail for industrial espionage in the country working with Spanish partners.
About The Case
At the moment, this crypto project has already received a lot of attention from investors that decided to give it several million euros. Falciani hopes to get even more, though, in his new effort to “democratize finance”. His belief is that cryptos are very good as a way to democratize the financial market because they increase the access of people.
The incident which has made the man a criminal fugitive from Switzerland happened in 2009. Then, Falciani leaked stolen files to the finance minister of France, Christine Lagarde, which is the current managing director of the International Monetary Fund.
This was considered to be the largest leak in history as it contained information from 130,000 wealthy clients of the bank and even legal entities. Switzerland considered this to a be a crime but the whistleblower entered a deal with France to escape the trial, as France saw this as helping to curb tax evasion of French HSBC clients.
Last year, HSBC paid 300 million EUR to settle the issue. Other countries benefited from the leak as well like Argentina, Austria, Belgium and Spain.
10 Years Since the Global Crisis
It has been almost ten years since the major global financial crisis hit the world because of the excesses of the banking sector. It is believed that the financial crisis was part of the reason why Satoshi Nakamoto decided to create Bitcoin in the first place, as this person was very critical of banks spending even more money on troubled financial institutions.
Falciani has tried his hand at politics in Spain, too, as well as cryptos. He is part of the anti-corruption X Party in the country.