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Archive by Month: July 2011

HSBC Coming into Compliance: Bank Cuts off Ties with Undisclosed Offshore U.S. Account Holders

Offshore Account Update, UBS / HSBC

Posted on July 30, 2011

Recently HSBC India has severed all ties with U.S. Clients and anyone associated with U.S. persons.  Due to heightened pressure by the U.S. government into banks such as UBS and Credit Suisse, 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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HSBC Prepares to Turn Over U.S. Client Names to Comply with U.S. Government

Offshore Account Update, UBS / HSBC

Posted on July 20, 2011

There has been talk amongst government officials of a Global Resolution, expected to come to terms within the next few months, between several foreign banks, in order to put an end to tax evasion within the U.S.  However, there is a catch.  In exchange for investigations against the foreign banks to be discontinued, the respective bank will be required to turn over all U.S. client names, which will then be used by U.S. government agencies to open criminal investigations against said taxpayer. HSBC, world-wide banking giant that has been under high scrutiny by U.S. officials, seems to have caught wind of the potential Resolution and is making plans to come into compliance with the U.S. government.

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NY lawyer charged with hiding $26.4 million in undisclosed offshore account!

Offshore Account Update, UBS / HSBC

Posted on July 15, 2011

A New York lawyer admitted hiding more than $26.4 million in a Swiss bank to avoid paying taxes.  He also agreed to pay a fine of around $9.8 million.

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Another two refuse to file voluntary disclosure and are criminally charged!


Posted on July 10, 2011

Sean Roberts and Nadia Roberts of Tehachapi, Calif., pleaded guilty before U.S. District Judge Anthony W. Ishii of the Eastern District of California to a criminal information charging them with filing a false tax return related to an undisclosed Swiss bank account.

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Other Swiss Banks in talks with United States for Global Deal: Undisclosed Account Holders to possibly be Disclosed!

Offshore Account Update

Posted on July 1, 2011

The associated press has reported that Switzerland and the United States are talking about a joint settlement with other Swiss and European banks to avoid potential U.S. investigation and prosecution.

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