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Category: UBS / HSBC

IRS Wants HSBC Accountholder Information

Offshore Account Update, UBS / HSBC

Posted on June 29, 2016

A redacted letter from HSBC to a customer with accounts at HSBC's private bank in Geneva, Switzerland is raising new concerns about financial institutions turning over offshore accountholder information to the Internal Revenue Service (IRS).

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UBS Whistleblower Now Helping France With Investigation into Tax Evasion


Posted on June 12, 2015

Bradley Birkenfeld is a whistleblower. In 2007, he began providing information to the United States government about activities that were going on at UBS AG. Birkenfeld provided documents, testimony and other information to U.S. authorities demonstrating that UBS AG was using the strict banking privacy laws in Switzerland to help U.S. citizens hide funds in offshore accounts and evade their tax obligations in the United States.

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Documents Identify the Level of Tax Evasion at HSBC Bank

Offshore Account Update, UBS / HSBC

Posted on May 8, 2015

HSBC has been in trouble with the U.S. government in the past for the unlawful behavior of its private bank. In 2012, HSBC was fined for its role in facilitating money laundering.  Yahoo is now reporting on leaked documents from HSBC showing how involved the bank was not just in money laundering but also in helping people worldwide evade their income tax obligations.

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UBS Faces DOJ and IRS Investigation

Offshore Account Update, UBS / HSBC

Posted on April 24, 2015

Investors who used offshore accounts to hide money from the IRS are facing increased risks as the federal government launches new investigations into UBS and other offshore banks.  When banks and bankers make deals with the Department of Justice and with the Internal Revenue Service, these deals often involve turning over client information to the federal authorities.

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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 on August 19, 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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