US to pursue Indian tax evaders

© AFP/File Geoff Caddick

AFP

WASHINGTON (AFP) - US tax authorities are probing Indian expatriates who may have hid money offshore in HSBC Bank to evade US taxes, the Justice Department said Thursday.

In an expansion of its mounting offensive against overseas tax evasion, the Internal Revenue Service is seeking data on clients of two HSBC India offices in the United States.

The offices allegedly encouraged Indian nationals to open accounts back in their native land, telling them that they could hide the accounts and not pay US taxes on earnings from them, the department said in a statement.
The government has now asked a federal court in San Francisco for authorization to ask HSBC Bank USA for information about those clients, "many of whom are believed by the government to have hidden their accounts from the IRS."

The Justice Department said that in 2002 HSBC India opened a representative unit at an HSBC USA office in New York, expressly targeting Indians living in the United States to open offshore accounts.


A second unit was opened in 2007 in Fremont, California -- a San Francisco-area hub of expatriate Indians -- with similar goals, it said.

Customers of the two units told US investigators that they were assured "that they could invest in accounts at HSBC India without paying US income tax on interest earned on the accounts, and that HSBC would not report the income earned on the HSBC India accounts to the IRS."

The petition to the San Francisco court arose out of a New Jersey tax fraud indictment.

IRS Commissioner Douglas Shulman said the San Francisco court petition was aimed at getting more information "to help us determine if additional actions are needed."

"Our international efforts are not about just one country or one bank -- it’s about our wider effort to ensure compliance with the nation’s tax laws," he said in the statement.

The move comes on the heels of concerted US actions against tax evasion via Swiss Banks, which has focused especially on officials and customers of UBS and Credit Suisse banks.

© AFP -- Published at Activist Post with license

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FBI Busts Mastermind Criminal For Issuing Silver Currency, Demanding Repeal Of Fed And IRS

Private Currency Liberty Dollars/Wiki

Zero Hedge

The FBI, which apparently has no major criminals to pursue, is now busting those who are preparing for the dollar's imminent destruction. Bernard von NotHaus, head of the National Organization for the Repeal of the Federal Reserve and Internal Revenue Code, commonly known as NORFED and also known as Liberty Services (his website can, or rather could, be seen here), which since 1998 has been issuing silver coins as a replacement for the relentlessly devaluating US currency, was convicted today by a federal jury of making, possessing, and selling his own coins. " Following an eight-day trial and less than two hours of deliberation, von NotHaus, the founder and monetary architect of a currency known as the Liberty Dollar, was found guilty by a jury in Statesville, North Carolina, of making coins resembling and similar to United States coins; of issuing, passing, selling, and possessing Liberty Dollar coins; of issuing and passing Liberty Dollar coins intended for use as current money; and of conspiracy against the United States."

The devious scheme for which von NotHaus faces up to 15 years jail time: "NORFED’s purpose was to mix Liberty Dollars into the current money of the United States. NORFED intended for the Liberty Dollar to be used as current money in order to limit reliance on, and to compete with, United States currency." In other words make the US currency less credible. We are confident the Chairsatan will take this shining example of what happens to "counterfeiters" of US currency to heart, and promply proceed to release another cool trillion in green 75% cotton/25% linen products, forcing US jails to promptly fill up with millions of subversive elements who no longer wish to interact with the former reserve currency.

Read the FBI's press release

RELATED ARTICLE:
Monetary Revolution Begins with Competing Currencies

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