Lucy Lee Quoted by Bloomberg Businessweek on IRS Effort to Find Tax Cheaters Overseas
Bloomberg Businessweek has quoted Akin Gump tax partner Lucy Lee in the article “Data Mining to Find Tax Cheaters,” which reports on the trove of data given by Swiss banks to U.S. authorities on the bank accounts held overseas by Americans.
According to the article, while tens of thousands of Americans who hid money offshore have taken an amnesty deal offered by the Internal Revenue Service since 2009, some have chosen to move their money from Switzerland to other tax havens. Prosecutors, the article says, now have been focusing on those individuals, known as “leavers”—the clients who pulled their hidden money and stashed it elsewhere.
Lee said that a group of prosecutors and IRS agents is focusing on taxpayers who moved their money to Hong Kong, Singapore, and South Korea. “The leaver list is not something that should be underestimated or disregarded,” she said. “It is a real threat to financial institutions—and the advisers and lawyers who might have assisted the leavers and took in account holders who came from institutions that were being investigated.”