In the News

HSBC Clients with Asian Accounts Said to Face U.S. Tax Probe

July 05, 2010

This Bloomberg article discusses the continued crackdown by U.S. authorities on offshore tax evasion. According to Richard J. Sapinski, a Member of the Firm and former IRS trial attorney, “We’ve been telling our clients that the non-disclosure of foreign accounts is not just a UBS problem.” He continued, “We’ve spoken to the prosecutors and high-level people in the IRS, and our conclusion was they were going to pursue people with undisclosed foreign accounts anywhere for a very long time to come."