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

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Author: 

Bruce Zagaris

Date Published: 

Friday, March 11, 2016

Volume: 

32

Issue: 

3

Subject Areas: 

Adjective Enforcement
Bank Secrecy
Banking Supervision
Comparative and International Law
Compliance
Confidentiality
Cross-Border Communication
Data Sharing
Disclosure
Evidence Gathering
Evidence Sharing
Fair Use
Financial Crimes
Financial Enforcement
Financial Supervision
International Banking Supervision
Investigation
Jurisdiction
Law Enforcement
Lawsuits
Offshore Banking
Offshore trusts
Tax Crimes
Tax Enforcement
Tax Havens
Taxation

Geographic Identifier: 

Singapore
Switzerland
United States

Abstract: 

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.