U.S. Court Orders UBS to Show Cause on Producing Singapore Bank Records to the IRS

On March 2, 2016, U.S. Magistrate Judge Alicia M. Otazo-Reyes of the U.S. District Court in Miami ordered UBS AG to show cause why it should not produce certain bank records relating to Ching-Ye Hsiaw also known as Henry Hsiaw, as demanded in the IRS summons. The order illustrates the employment of another compulsory mechanism by an IRS in its effort to crack down on tax crimes resulting from undisclosed income in offshore banks.