HSBC 'investigated for money laundering in Jersey'

Britain's biggest bank, HSBC, is at the centre of a major HM Revenue and Customs investigation Credit: Press Association

Britain's biggest bank is being investigated by HM Revenue and Customs for opening offshore accounts in Jersey for serious criminals living in the UK, according to The Telegraph.

Authorities were given the details of every British client of HSBC in Jersey by a whistleblower who provided lists of names, addresses and balances. The list is said to include convicted drug-dealers, bankers facing major fraud allegations, and a man convicted of possessing hundreds of weapons.

The bank is legally obliged to report any suspicions about the source of money deposited in its accounts to authorities.