The second-largest bank in the world, the British HSBC, took the unprecedented decision to refuse to provide services to its offshore branches of U.S. clients. Take such a step the bank was forced to the background investigations of new U.S. government against foreign banks that helped wealthy American clients evade taxes.
British bank ceases to provide customers with a wealthy American private-banking-office services to its offshore and other foreign entities. As reported by The Wall Street Journal, HSBC, the world's second bank by assets, has already sent its American customers so notified, recommending to close accounts in such offices within 30 days. As stated by the publication of a bank representative, "American wealthy clients we will no longer offer asset management services from our offices outside the United States."
The decision was taken against the backdrop of tightening U.S. tax investigation in respect of foreign banks, which, according to authorities, to help their wealthy American clients withdraw funds from the U.S. taxation. As it became known on Sunday, HSBC has notified its wealthy clients that the U.S. tax authorities offer voluntarily to tell them about their offshore accounts in exchange for a reduced penalty, advising clients to "bring the matter to their attention." Experts believe these actions bankers trend. According to UFG Wealth Management partner Dmitry Klenow, "in today's reality we can confidently say about the trend: the world's leading banks have stopped providing offshore services to U.S. citizens. At the same time existing customers bank stops providing data services, requiring close the accounts or move them to other banks. "
Last week, Swiss bank Credit Suisse said that the U.S. Department of Justice conducts an investigation against him, suspecting that the Swiss bank helped wealthy Americans evade taxes. In April, management of the IRS (IRS) has requested information about HSBC for U.S. citizens who use the Indian unit of HSBC and concealing information about their accounts in India from U.S. authorities.
The current tightening of tax investigations in the United States has become the second largest U.S. tax campaign in recent memory. In 2009, the largest Swiss bank UBS to end a year-long investigation has agreed to pay fines to U.S. authorities $ 780 million and 4450 disclose their American customers. Consent to give information to their clients the American tax authorities led to the present diplomatic scandal between the U.S. and Switzerland, and the fact that in 2009, customers withdrew from the management of UBS tens of billions of dollars.
Analysts point out that European authorities are moving in the same direction as the United States. "Following the acquisition of the database by the German tax office, many Swiss banks, for fear of harassment, limited access to offshore products for the citizens of Germany, - said Mr. Maples .- Switzerland now wants to ensure that maximum squeeze unscrupulous clients, ie those that may be brought charges of tax evasion. "
British bank ceases to provide customers with a wealthy American private-banking-office services to its offshore and other foreign entities. As reported by The Wall Street Journal, HSBC, the world's second bank by assets, has already sent its American customers so notified, recommending to close accounts in such offices within 30 days. As stated by the publication of a bank representative, "American wealthy clients we will no longer offer asset management services from our offices outside the United States."
The decision was taken against the backdrop of tightening U.S. tax investigation in respect of foreign banks, which, according to authorities, to help their wealthy American clients withdraw funds from the U.S. taxation. As it became known on Sunday, HSBC has notified its wealthy clients that the U.S. tax authorities offer voluntarily to tell them about their offshore accounts in exchange for a reduced penalty, advising clients to "bring the matter to their attention." Experts believe these actions bankers trend. According to UFG Wealth Management partner Dmitry Klenow, "in today's reality we can confidently say about the trend: the world's leading banks have stopped providing offshore services to U.S. citizens. At the same time existing customers bank stops providing data services, requiring close the accounts or move them to other banks. "
Last week, Swiss bank Credit Suisse said that the U.S. Department of Justice conducts an investigation against him, suspecting that the Swiss bank helped wealthy Americans evade taxes. In April, management of the IRS (IRS) has requested information about HSBC for U.S. citizens who use the Indian unit of HSBC and concealing information about their accounts in India from U.S. authorities.
The current tightening of tax investigations in the United States has become the second largest U.S. tax campaign in recent memory. In 2009, the largest Swiss bank UBS to end a year-long investigation has agreed to pay fines to U.S. authorities $ 780 million and 4450 disclose their American customers. Consent to give information to their clients the American tax authorities led to the present diplomatic scandal between the U.S. and Switzerland, and the fact that in 2009, customers withdrew from the management of UBS tens of billions of dollars.
Analysts point out that European authorities are moving in the same direction as the United States. "Following the acquisition of the database by the German tax office, many Swiss banks, for fear of harassment, limited access to offshore products for the citizens of Germany, - said Mr. Maples .- Switzerland now wants to ensure that maximum squeeze unscrupulous clients, ie those that may be brought charges of tax evasion. "
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