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Archive by Month: June 2011

Michael F. Schiavao of Boston, was charged with failing to report his offshore account at HSBC Holdings Plc (HSBA) to U.S. authorities

Offshore Account Update, UBS / HSBC

Posted on June 30, 2011

He is charged with failing to  file a Report of Foreign Bank and Financial Accounts form and for not disclosing an account at HSBC Bank Bermuda, according to a criminal charge filed today in federal court in Boston.

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DOJ Opens Criminal Investigation into Credit Suisse Undisclosed Foreign Accounts

Offshore Account Update, UBS / HSBC

Posted on June 25, 2011

Credit Suisse has long assured their clients that they will not suffer the same fate as its rival Swiss counterpart, UBS, but it seems those assurances are not so sure.  On July 14, 2011, Credit Suisse received a formal letter from the U.S. Department of Justice, stating that the U.S. agency has opened an investigation against the bank for improper offshore banking practices.

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Offshore Account Investigations: Just the Beginning for HSBC Clients

Offshore Account Update, UBS / HSBC

Posted on June 20, 2011

U.S. citizen and New York resident, Josephine Bhasin, pled guilty to charges of willingly filing false tax returns, false amended tax returns, and false FBARs in relation to an undisclosed offshore account she held with HSBC. Ms. Bhasin will receive a maximum sentence of 3 years in jail and a maximum fine of $250,000. These criminal penalties are in addition to civil penalties, which Ms. Bhasin has agreed to; the arrangement includes a civil penalty of 50% of the high year on the account during 2004 to 2009.

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NEW IRS Amnesty Offshore Program

Asset Forfeitures / IRS Audits, Offshore Account Update

Posted on June 15, 2011

IRS launched a second amnesty initiative for U.S. taxpayers on Feb. 8, 2011 for undisclosed offshore accounts. The 2011 Offshore Voluntary Disclosure Initiative (OVDI) is based on the previous disclosure program that ran through October of 2009.

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HSBC: Undisclosed Account Holders Next on DOJ Radar!

IRS Office of Professional Responsibility, UBS / HSBC

Posted on June 10, 2011

On April 7, 2011, judge signs Order giving the Internal Revenue Service the right to serve a summons on HSBC USA.  The summons would provide the government with the identity of current taxpayers whose accounts are already in question.

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