Navigating the U.S. Tax Enforcement Landscape: Key Strategies for Financial Institutions and Asset Managers

Join us for a seminar where we will examine how U.S. international tax enforcement efforts and the recent Panama Papers incident will impact the operations of financial institutions and asset managers in Asia. We will also discuss best practices to help you identify the risks and respond with effective strategies.

This event is free to attend. Seats are limited.

*CPD / CLE pending and only granted upon properly signed forms
(please ask Sidley staff if more information is required) 

Tom Green, senior counsel in our White Collar practice in Washington, D.C. and Yuet Ming Tham, a partner in our Singapore/Hong Kong offices who focuses on investigations work, will be presenting a seminar on current U.S. international tax enforcement efforts, as well as implications of the recent Panama Papers incident, which has focused international attention on the hidden ownership of offshore assets. 

U.S. authorities have gathered extensive information regarding assets held by U.S. persons in Asian financial institutions by utilizing information received from whistleblowers, bankers and asset managers. Detailed information about transfers of funds from Switzerland to Asian banks has also been obtained under a special program which allowed Swiss banks to obtain non-prosecution agreements.

The U.S. Department of Justice has made it clear that a focus of its continuing enforcement efforts is to use such information in order to investigate foreign banks and other financial services organizations believed to have been involved in harboring undeclared assets held by U.S. persons. In addition, the implementation of the Foreign Account Tax Compliance Act (FATCA) means that Asian banks will be required to provide additional information on their current U.S. accounts to the IRS.

The U.S. government claims to have jurisdiction over foreign banks and asset managers if they have communicated with clients in the U.S. or have traveled to the U.S. to meet with clients. Additionally, any foreign bank that uses correspondent accounts in the U.S. to enable dollar transactions for U.S. account holders is vulnerable to prosecution. Assisting a U.S. person to evade U.S. tax obligations is a crime under U.S. law, even if that assistance takes place in a foreign country. Any indictment for U.S. tax offenses, even if unwarranted, can effectively end the ability of a bank or other financial institution to access the U.S. financial system and conduct business both in the U.S. and abroad.

Speakers:

• Yuet Ming Tham, Partner, Hong Kong/Singapore
• Thomas Green, Senior Counsel, Washington, D.C.

For any enquiries about the seminar, please contact asiaevents@sidley.com.