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HSBC is cutting back in the U.S. after its 2003 purchase of Household International Inc. required it to set aside more than $65 billion for bad loans

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US to probe more tax evaders

The U.S. government expects to probe thousands more cases of wealthy individuals dodging taxes through offshore bank accounts,
on top of the high profile case against UBS AG, a U.S. tax attorney said on Monday.

“We expect over the next couple of years, in addition to the UBS cases, to have somewhere between 4,000 and 7,000 more cases coming to us with.

Germany has said it is prepared to pay for data offered by whistleblowers on clients of Swiss banks who may have been evading taxes, while France said it had obtained sensitive data belonging to potential tax evaders, some of which belonged to the Swiss private banking operations of HSBC.

Downing declined to say whether the Justice Department was investigating any other foreign banks and said he hoped the U.S. authorities would not have to conduct “UBS-style” probes.

Posted By Timothy Blake

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UPDATE NOTE: HSBC car loans were sold to Santander USA in 2010 :: Most HSBC credit cards became Capital One credit cards in 2012 :: HSBC horrible predatory home mortgages are in run-off