HSBC Prepares to Turn Over U.S. Client Names to Comply with U.S. Government

There has been talk amongst government officials of a Global Resolution, expected to come to terms within the next few months, between several foreign banks, in order to put an end to tax evasion within the U.S.  However, there is a catch.  In exchange for investigations against the foreign banks to be discontinued, the respective bank will be required to turn over all U.S. client names, which will then be used by U.S. government agencies to open criminal investigations against said taxpayer. HSBC, world-wide banking giant that has been under high scrutiny by U.S. officials, seems to have caught wind of the potential Resolution and is making plans to come into compliance with the U.S. government.

It appears that U.S. taxpayers, who have maintained undisclosed offshore bank accounts with HSBC, have reported that they have received a letter from the bank, advising them to hire a tax controversy lawyer and enter into the U.S. 2011 Offshore Voluntary Disclosure Initiative in order to avoid potential criminal investigation.  This development demonstrates that the foreign banks are beginning to take steps to prepare their U.S. clients for the potential turnover of client names and the on-set of future criminal investigations set forth by the U.S. government.

Undisclosed account holders should come forward before the government brings either civil audits or criminal charges against them; which can result in significantly greater financial penalties and the possibility of incarceration.  Immediate action and experienced tax law representation is needed to voluntarily disclose your account in order to avoid criminal prosecution.

A voluntary disclosure can help prevent this outcome. Find out your options today!

The attorneys at Thorn Law Group have experience in assisting U.S. taxpayers into compliance through voluntary disclosure. If you have an undisclosed offshore account contact Thorn Law Group now before it's too late!

For a consultation, contact Kevin E. Thorn, Managing Partner, at ket@thornlawgroup.com or (617) 692-2989