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Offshore Accounts/International Tax Disputes Archives

Awaiting the Next Wave of Tax Prosecutions

Switzerland's recent decision to allow Swiss bank UBS to provide the Internal Revenue Service with information on 4,500 American account holders is expected to result in a wave of criminal prosecutions for tax evasion. The defendants in these prosecutions likely will not be limited to UBS account holders; London-based HSBC Holdings, Ltd. and its American account holders may be the next targets of IRS scrutiny.

Awaiting the Next Wave of Tax Prosecutions

Switzerland's recent decision to allow Swiss bank UBS to provide the Internal Revenue Service with information on 4,500 American account holders is expected to result in a wave of criminal prosecutions for tax evasion. The defendants in these prosecutions likely will not be limited to UBS account holders; London-based HSBC Holdings, Ltd. and its American account holders may be the next targets of IRS scrutiny.

Political Gamesmanship may put UBS Tax Treaty in Jeopardy

The UBS is one of the world's biggest banks and over the past few years has had an increasingly strained relationship with the U.S. government. In 2009, the U.S. government sued UBS for allegedly hiding secret Swiss bank accounts from U.S. tax authorities. In early 2010, UBS continued to contest the U.S.'s efforts to force disclosure of the American owners of nearly $20 billion assets held by the bank. The dispute became a political game with the United States on one side and UBS and Switzerland on the other. However, on June 17, 2010, the cold financial war resulted in a tax treaty.

Political Gamesmanship may put UBS Tax Treaty in Jeopardy

The UBS is one of the world's biggest banks and over the past few years has had an increasingly strained relationship with the U.S. government. In 2009, the U.S. government sued UBS for allegedly hiding secret Swiss bank accounts from U.S. tax authorities. In early 2010, UBS continued to contest the U.S.'s efforts to force disclosure of the American owners of nearly $20 billion assets held by the bank. The dispute became a political game with the United States on one side and UBS and Switzerland on the other. However, on June 17, 2010, the cold financial war resulted in a tax treaty.

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