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FINANCIAL SERVICES, PROFESSIONAL SERVICES/LEGAL | Staff Reporter, Singapore
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US tax investigators crack down on Singapore-based asset manager

It's rooting out undeclared offshore accounts.

A report by the Wall Street Journal revealed that criminal investigators at the Internal Revenue Service are probing whether a Singapore asset-management firm accepted transfers from undeclared Swiss accounts closed by U.S. taxpayers.

The investigation marks an expansion of the U.S. crackdown on undeclared offshore accounts that began in Switzerland in 2009, the lawyers said. Since then, U.S. officials have pursued banks and individual “enablers,” such as lawyers or asset managers, that have helped U.S. taxpayers hide money abroad in Switzerland, Liechtenstein, Israel, India and the Caribbean. Until now, there was little indication they had widened their probe to Southeast Asia or Hong Kong.

Read the report in full here

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