<h1>Concealment penalty proceedings under the Income Tax Act initiated after HSBC account disclosures, with prosecutions and international inquiries ongoing.</h1> Information from foreign authorities about HSBC accounts led to assessments and initiation of concealment penalty proceedings under section 271(1)(c) in nearly all completed cases; prosecutions for willful tax evasion and failures to furnish documents have also been launched, and cross border information requests and follow up investigations are being pursued under available treaties and based on whistleblower material.