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UBS Provides Singapore Account Info to IRS

August 10, 2016

If you have unreported foreign bank accounts overseas and have never filed an FBAR (FinCen Report 114), it is time to learn more about your options. Read below for why…

The U.S. Department of Justice and the IRS continue to make progress in their efforts to detect offshore tax evasion.

The Switzerland-based UBS Bank turned over Singapore account records of an American citizen to the IRS, under pressure.

As reported by Bloomberg, the IRS had requested information on a Singapore bank account which was owned by a U.S. citizen living in China. UBS initially denied the request due to Singapore’s bank secrecy laws. However, the bank records were eventually provided after receiving a Federal court order in the U.S. District Court case of U.S. vs. UBS.

Singapore’s bank-secrecy laws require consent of the client before providing account information, except in cases of potential tax offenses. In the end, the UBS client did give consent to disclosure of the bank records.

Since 2008, Switzerland has been a large focus of the U.S. in the efforts to fight offshore tax evasion. Since that time, more than 80 banks in Switzerland have been fined, and account information from over 50,000 U.S. taxpayers was disclosed. Now the IRS is expanding its reach and looking closely at other countries besides Switzerland.

There are options to get back on track with the IRS and it is not too late. We have helped many individuals get back on track. Contact us for a consultation to find out how.

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