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Category: UBS / HSBC - Page 2

U.S. Taxpayers with Undisclosed Offshore Accounts Beware: Swiss Government Authorizes Swiss Banks to Turn-Over Names of Professionals to U.S. Internal Revenue Service

Offshore Account Update, UBS / HSBC

Posted in on August 17, 2012

Switzerland recently authorized its banks to hand over the names of professional employees, external wealth mangers, lawyers and trustees who have helped U.S. taxpayers commit tax evasion. Moreover, the banks are authorized to release email traffic in connection with U.S. taxpayers who are suspected of maintaining an undisclosed offshore account. The release of such information will likely contribute to establishing cases against those U.S. taxpayers currently under investigation. While U.S. client data is not being released at this moment, the employee information will help the IRS in its investigations into both foreign banks and U.S. taxpayers with undisclosed offshore accounts.

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Hollis Man Placed on Probation for Tax Evasion through Swiss Bank UBS

UBS / HSBC

Posted in on August 16, 2012

Lothar Hoess, an Austrian national, was indicted by U.S. authorities after UBS turned over U.S. client data to the IRS in 2009. On March 29, 2012, Hoess was sentenced to three years of probation after pleading guilty to a single charge of failure to file a report of foreign bank account and financial accounts.

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Swiss Banks to Provide U.S. with Client Information on Undisclosed Accounts

Offshore Account Update, UBS / HSBC

Posted in on August 13, 2011

European banks are ready to pay billions to the United States, as well as disclose U.S. clients’ names to the Internal Revenue Service (IRS) and the Department of Justice (DOJ). Switzerland has been known as one of the largest tax havens in the world and wishes to continue its long-practiced tradition of tax secrecy and has allegedly agreed to divulge information requested by U.S. agencies, including U.S. taxpayer information.

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HSBC: One of the Eight Under Grand Jury Investigation?

Offshore Account Update, UBS / HSBC

Posted in on August 12, 2011

On Wednesday, September 28, 2011, U.S. authorities charged another India-American, Arvind Ahuja, for evading taxes through the HSBC India branch. These findings have heightened the pressure on HSBC, fueling the fire for the U.S. to build a strong case against the bank and it’s U.S. clients with undisclosed foreign accounts.

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HSBC No Longer Maintains Relations with Undisclosed Offshore U.S. Account Holders

Offshore Account Update, UBS / HSBC

Posted in on August 5, 2011

Recently HSBC India has mandated that all ties with U.S. Clients and anyone associated with U.S. persons are to be severed.  Due to heightened pressure by the U.S. government into banks such as Credit Suisse and UBS, HSBC India is taking preventative action in order to limit current investigations by U.S. authorities.  The branch has issued letters to all of its U.S. clients informing them of their recent change in client structure, that is they do not want U.S. clients. 

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