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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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"Kevin E. Thorn and the tax attorneys at Thorn Law Group are exceptional. When I came to them, I had just received a letter from the Department of Justice concerning an undisclosed bank account at a Swiss bank. I thought I was going to go to jail and lose everything I had worked for just because my family and my business are international. Mr. Thorn's knowledge of the tax laws and his skills in presenting my situation to the IRS and Department of Justice proved superior!"
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