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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.
While it is not illegal to hold offshore accounts, keeping them undisclosed is.  Undisclosed HSBC account holders should come forward through the 2011 IRS Voluntary Disclosure Program before the bank turns over its clients’ names.  Criminal investigations initiated by the Department of Justice regarding undisclosed offshore accounts can result in significantly greater financial penalties and the possibility of incarceration.

A voluntary disclosure can help prevent this outcome. Find out your options today!

The attorneys at Thorn Law Group have experience in assisting U.S. taxpayers into compliance through the 2011 IRS Voluntary Disclosure Program. If you have an undisclosed offshore account contact Thorn Law Group now before it's too late!

For a consultation, contact Kevin E. Thorn, Managing Partner, at ket@thornlawgroup.com or (617) 692-2989

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