THE WORLDPOST
03/18/2010 05:12 am ET Updated May 25, 2011

Hong Kong Is New Target of U.S. Crackdown On Global Tax Evasion

Hong Kong is a new target of U.S. prosecutors pursuing a global campaign against evaders of federal taxes, spurred by data acquired in their crackdown on Swiss banks.

Prosecutors are trying to determine what role financial professionals in Hong Kong play in tax evasion, according to people familiar with the matter. They are examining how much taxable money was moved to the former British colony that returned to China in 1997, whether accounts were based there in name only and what banks were involved, the people said.

Read more on bloomberg.com