Advice For Targets Of IRS Offshore Credit Card Hunt

PT       2002-06-18 
When the US Internal Revenue Service announced in March that its pursuit of credit card records based in Bahamas, the Cayman Islands, and Antigua and Barbuda had turned up over 230,000 US citizens with offshore credit cards, many of whom had failed to declare the money lodged abroad, offshore bank account holders felt a frisson of fear.
'The guarantee of secrecy associated with offshore banking is evaporating,'' said IRS Commissioner Charles Rossotti, as he described how the IRS was extending its enquiries to Mastercard, Visa and Amex accounts in Switzerland, Latvia, Luxembourg, Hong Kong, Bermuda, Panama, Singapore, and several more Caribbean jurisdictions.