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

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."