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US Investigation of HSBC begins with a Cooperative Taxpayer into Undisclosed Offshore Accounts

Posted in Offshore Account Update on July 19, 2010 | Share

July 19 –  HSBC, the world’s largest bank, has come under the microscope of the United States Department of Justice and the Internal Revenue Service.  The investigation began when a Virginia doctor returning from Switzerland lied to a customs agent who asked if the doctor had mailed any cash to himself in the US.  Two weeks later, law enforcement officials raided the doctor’s home and seized the $250,000 in US currency that the doctor had imported to himself after he had been advised that HSBC would be closing his Swiss account, which he had inherited in 1997.

This is merely the beginning of the investigation into HSBC’s worldwide operations.  It has been reported that the US government has been looking into HSBC accounts in India and Singapore as well.  The US government seems to be committed to bringing all US taxpayers with undisclosed offshore accounts into compliance, one way or another.

Current clients who have already been accepted into the Voluntary Disclosure Program have nothing to fear about these developments, as they have already started their work to come into compliance before the threat of disclosure surfaced.  Any US taxpayers who have not yet disclosed their foreign bank accounts located in any offshore locations, particularly those held at HSBC, should come forward as soon as possible to possibly avoid criminal liability.

If you have an undisclosed HSBC offshore account contact Thorn Law Group today. Immediate action and experienced tax law representation is needed to voluntarily disclose your account in order to avoid criminal prosecution.


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"Mr. Thorn and the attorneys at Thorn Law Group were so knowledgeable about the IRS Voluntary Disclosure Program and about the way the IRS Criminal Investigation Division works. Mr. Thorn helped put my mind at ease and walked me through the whole Voluntary Disclosure process. With the help of Thorn Law Group, and Mr. Thorn specifically, we were able to get back into compliance and were able to avoid criminal prosecution."