First came Switzerland. Now the Internal Revenue Service has a new target: Singapore.
Criminal investigators at the IRS are probing whether a Singapore asset-management firm accepted transfers from undeclared Swiss accounts closed by U.S. taxpayers, according to lawyers familiar with the matter.
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.
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