Saturday, August 01, 2009
Jeffrey B. Kahn, P.C.
Jeffrey B. Kahn, P.C.
IRS OFFSHORE TAX EVASION INVESTIGATIONS
The Bank Secrecy Act gave the Department of Treasury authority to establish recordkeeping and filing requirements for U.S. persons with financial interests in or signature authority or other authority over financial accounts maintained with financial institutions in foreign countries.
The Department of Justice (DOJ) has announced that its investigation of offshore tax evasion will expand to include Europe's largest bank, HSBC in London, and Credit Suisse in Zurich. The increasing scrutiny of illegal offshore tax schemes comes as the Wall Street bailout and turmoil in the banking and financial services industries generate more interest in IRS Whistleblower Program claims.
DOJ and IRS continue to investigate UBS, Switzerland's largest bank. In late 2008, the government secured the unsealing of the an indictment of Raoul Weil, a UBS senior executive, who faces charges of conspiring to defraud the U.S. by concealing American clients' taxable assets.
Posted by Editor on 08/01/09 at 10:21 AM •
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