It appears that the offshore bank account crackdown tour is going straight through Asia, where DOJ senior tax attorney Kevin Downing gave a speech saying, “We expect over the next couple of years, in addition to the UBS cases, to have somewhere between 4,000 and 7,000 more cases coming to us with. These are from banks and governments cooperating.”
Obviously the UBS flogging was such a huge success that the DOJ/IRS figures they might as well keep a good thing going and is making a nice little swing through Asia to give them fair warning that they could be traipsing through their backyard very soon:
Singapore was one stop in a tour of Asian cities also including Hong Kong, Beijing and Shanghai by Downing and his U.S. Justice Department team. The tour featured meetings with financial and tax regulatory bodies and bankers discussing cross-border tax prosecutions.
He said that since the start of the U.S. crackdown on tax evasion, money has moved from the Caribbean to Switzerland and Asia.
Of course Mr Downing doesn’t want to get ugly saying, “he hoped the U.S. authorities would not have to conduct “UBS-style” probes,” but obviously that option is always on the table.