Responding to reports that a financial institution helped its clients evade tax, Liberal Democrat Chief Secretary to the Treasury Danny Alexander said:
“Financial institutions who are proven to have colluded with tax evaders should face the full force of the law.
“We need to work with HMRC and regulators to make sure that they have all the legal and regulatory tools to tackle such situations.
“If that means a change in the law, or new powers for regulators, that is what we will do.
“We quite rightly prosecute and often jail people guilty of damaging our society through conventional crime and anti-social behaviour.
“The way we treat systematic tax evasion should be no different. If that means jail for offenders and those that conspire with them, then so be it.
“Over the last 5 years, thanks to the Liberal Democrats, we have taken unprecedented action to clamp down on tax avoidance and evasion.
“These practices are socially, morally, and economically unacceptable and I will continue to work to make sure that the law, and the way it is applied, reflects that.”