Tuesday, November 17, 2009

UBS Criteria Release May Unveil Model for IRS Crusade

From Bloomberg:

"Switzerland will release the criteria used to turn over details of 4,450 UBS AG accounts to the Internal Revenue Service tomorrow, revealing the U.S. model for chasing tax evaders in other banks and jurisdictions. There may be as many as a dozen criteria, including accounts containing more than 1 million Swiss francs ($988,000) and those set up through structures such as foreign trusts or foundations, said William Sharp, a lawyer at Sharp & Associates in Tampa, Florida, based on the profiles of clients who were told their account details may be turned over.

Sharp said the IRS is using this template to pursue banks in other countries, adding that Hong Kong, Singapore and Dubai are already under scrutiny. We await more information with interest.

Update: Switzerland has now published the criteria, here.

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