Thursday, August 27, 2015
Europe Online Magazine reports that: The Swiss Federal Criminal Court will start a trial against former HSBC bank employee Herve Falciani on October 12, on charges that his leaking of client data amounted to economic espionage, violation of bank secrecy laws, among other criminal charges.
Herve Falciani fled Switzerland in 2008 after leaking 100,000 HSBC's customers' financial information unto the Internet and into the hands of various foreign governments and other organizations. He is reported to have been paid millions of dollars for the financial information. See HSBC's Whistleblower Leaked Client Information Via Internet
The high net wealth customer included a portion of tax evaders, money launderers, and politicians. It is unclear what portion fell into the category of non-compliant and/or criminality and those that were collateral damage.
The case will be closely watched as it brings into question the balancing of many interests, by two examples: the protection of personal and financial data versus the disclosure of noncompliance and nefarious activities; protection against espionage versus whistleblowing.
Although it is reported that Herve Falciana states that he will appear in Court, it is unlikely given the severity of the criminal charges and the unlikelihood that countries that purchased the stolen financial data will extradite him to Switzerland.