Paul L. Caron
Dean


Wednesday, December 3, 2008

U.S. Expands Criminal Probe of Tax Avoidance by Foreign Banks

New York Times:  U.S. Is Said to Expand Tax Inquiry, by Lynnley Browning:

The Justice Department has expanded its criminal investigation into foreign banks that sell offshore private banking services to include Credit Suisse and HSBC, according to people briefed on the matter.

The investigation into the two European banks is an outgrowth of an inquiry by federal prosecutors and regulators into UBS, the Swiss bank giant, over its sale of offshore banking services to wealthy Americans. Federal prosecutors, who are focusing on senior and midlevel executives and bankers at UBS, contend that UBS illegally helped American clients hide up to $20 billion in secret offshore accounts, thereby evading $300 million a year in taxes from 2000 to 2007.

https://taxprof.typepad.com/taxprof_blog/2008/12/us-expands-criminal.html

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