Foreign Banks to Provide U.S. with Client Information on Undisclosed Accounts

Posted in Press Releases on November 1, 2011 | Share

Kevin E. Thorn, Managing Partner of Thorn Law Group warns U.S. taxpayers with undisclosed offshore accounts that the IRS and DOJ are moving forward with civil and criminal charges against foreign banks; those with undisclosed offshore accounts are encouraged to come forward now.

Washington, DC (PRWEB) November 1, 2011 - European and Israeli banks are ready to pay billions to the United States, as well as, disclose U.S. clients’ names and tax information to the Internal Revenue Service (IRS) and the Department of Justice (DOJ), according to Bloomberg News.

As result of the recent investigation into Credit Suisse and the prior agreement made by UBS in 2009, Swiss authorities have allegedly agreed to divulge information requested by U.S. agencies, including U.S. taxpayer information. In an effort to further cooperation and international relations, Managing Partner of The Thorn Law Group believes that other European and Israeli banks may follow the same course of action as UBS and provide their U.S. client information to U.S. agencies.

Eleven Foreign banks will be civilly and/or criminally charged by the DOJ. The banks believed to be under investigation include: Credit Suisse, HSBC, Basler Kantonalbank, Wegelin & Co., Zuercher Kantonalbank, Julius Baer, Bank Leumi , Bank Hapoalim, Mizrahi-Tefahot Bank, and Liechtensteinische Landesbank AG and potentially another six unnamed banks.

Kevin E. Thorn, Managing Partner of Thorn Law Group, a law firm that represents many taxpayers throughout the U.S. and around the world with undisclosed offshore accounts states, “There is a high likelihood that many other banks will follow in the footsteps of UBS and turn over all U.S. taxpayer information.” Mr. Thorn continues, “These disclosures place U.S taxpayers with undisclosed offshore accounts at a greater risk of being civilly and criminally investigated by the Depart of Justice, where penalties are at an all-time high.”

Mr. Thorn encourages U.S. taxpayers with undisclosed offshore accounts to come forward through the IRS’s traditional Voluntary Disclosure Program before foreign banks turn over information concerning their undisclosed offshore accounts.

For additional information on the news that is the subject of this release, contact Kevin E. Thorn, Managing Partner of Thorn Law Group at 202-270-7273 or visit us at

About Thorn Law Group, PLLC: 
Thorn Law Group, PLLC is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems.


Kevin E. Thorn, Managing Partner Thorn Law Group, PLLC 


Thorn Law Group

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