Experienced Tax Attorneys


Call Us Confidentially Now: 202-349-4033


Call us confidentially now:
202-349-4033


Confidential & Experienced Tax Lawyers

Get Help Now: 202-349-4033

News & Events

U.S. Aggressively Pursuing Taxpayer Information from Other Countries

Posted in Offshore Account Update on September 15, 2009 | Share

While negotiations with the Swiss government over release of information from Swiss banking giant UBS AG has received a lot of press,  U.S. authorities have also been aggressively negotiating information-sharing agreements with other countries that have historically provided tax havens to U.S. taxpayers.   On September 8, 2009, the U.S. Treasury Department announced that the Principality of Monaco is the latest country, in a long list, to sign a bilateral information-sharing agreement with the U.S.   Under the agreement, beginning January 1, 2010, Monaco will provide information related to bank accounts held by U.S. taxpayers to U.S. authorities investigating civil and criminal violations of U.S. tax law.

With the global economic recession and diminishing tax revenues, U.S. authorities have negotiated information-sharing agreements with former tax havens such as Monaco with even greater vigor.   The U.S. government reached similar information-sharing agreements with Gibraltar (March 31, 2009) and Lichtenstein (December 8, 2008).   The U.S. government also has similar agreements with Jersey, Isle of Man, Guernsey, Aruba, and the Bahamas.   The bilateral agreements are modeled after theOrganization for Economic Cooperation and Development (OECD) Agreement on Exchange of Information on Tax Matters.   These agreements will significantly assist U.S. authorities with asset collection efforts and criminal prosecution on otherwise untouchable offshore accountholders.

Indeed, the international tide is turning against offshore tax evasion.  Singapore and Hong Kong have recently expressed willingness to abide by information-sharing agreements modeled after the OECD, amending their tax laws.  Even the Swiss Federal Counsel, expressed an intent to adopt Article 26 of the OECD’s Model Tax Convention.   If adopted, the OECD agreement would require Swiss banks to disclose banking records for suspected tax evasion by foreign accountholders, which would include many more U.S. UBS accountholders.


Thorn Law Group

Get Trusted Help Now

Over 80 years of expertise for your complicated tax law issues.

Back to the Top

Hear What Our Clients Have To Say

"I have personal knowledge that the tax attorneys at Thorn Law Group have developed a nationwide practice guiding individuals, banks, trusts, foundations and other organizations through the processes involved in managing and disclosing offshore bank accounts. The goal for our attorneys is to resolve potential legal issues in advance in order to bring their offshore bank accounts into compliance with government regulations."