Skip to Main Content
 

Caplin & Drysdale Comments on ICIJ's Offshore Leaks Database

June 17, 2013, Caplin & Drysdale

FOR IMMEDIATE RELEASE

Washington, D.C. - June 17, 2013: On June 14, 2013, the International Consortium of Investigative Journalists (ICIJ) published a searchable Offshore Leaks Database, available at http://offshoreleaks.icij.org/, containing the names of over 100,000 companies and trusts created in 10 foreign jurisdictions—the British Virgin Islands, Cayman Islands, Cook Islands, Singapore, Hong Kong, Samoa, Seychelles, Mauritius, Labuan and Malaysia—by two offshore service firms, Portcullis TrustNet based in Singapore and Commonwealth Trust Limited based in the British Virgin Islands.  ICIJ says it has 2.5 million emails and documents from the two firms covering clients located in more than 170 countries and territories over a 30-year period ending in 2010.  It expects to add information from Canada, China, Hong Kong, Taiwan, and Denmark before year end.

The publication of the database has been well publicized, and it is reasonable to expect that the IRS will assign personnel to start reviewing the information to ascertain if any of the offshore entities may be related to U.S. taxpayers. 

The IRS has a special "Offshore Voluntary Disclosure Initiative" ("OVDI") that permits taxpayers to come forward and disclose previously unreported offshore bank accounts and other assets, pay required taxes, interest and penalties, and provide information about their offshore holdings.  In return, participants receive protection from criminal prosecution and a reduction in the otherwise potentially applicable tax penalties.  Critically, however, taxpayers are not eligible for the OVDI unless they approach the IRS before the IRS becomes aware of their potential tax non-compliance. 

Anyone impacted by the public release of the ICIJ database should consider engaging tax representation immediately.   Caplin & Drysdale's tax attorneys have handled over 1,000 cases in the past four years involving voluntary disclosures, civil examinations, and criminal investigations arising from unreported foreign bank accounts and assets.

For more information, please contact:

Mark E. Matthews
202.862.5082
mmatthews@capdale.com

Scott D. Michel  
202.862.5030
smichel@capdale.com

Cono R. Namorato
202.862.5090
cnamorato@capdale.com

# # #

About Caplin & Drysdale, Chartered
For more than 45 years, Caplin & Drysdale has been a leading provider of a full range of tax, tax controversy, and related legal services to companies, organizations, and individuals throughout the United States and around the world.  With offices in New York City and Washington, D.C., the firm also provides counseling on matters relating to bankruptcy, creditors' rights, political activity, exempt organizations, complex litigation, employee benefits, private client services, corporate law, and white collar defense.  For more information, please visit us at www.caplindrysdale.com.

Disclaimer

This communication does not provide legal advice, nor does it create an attorney-client relationship with you or any other reader. If you require legal guidance in any specific situation, you should engage a qualified lawyer for that purpose. Prior results do not guarantee a similar outcome. 

 

Attorney Advertising

It is possible that under the laws, rules, or regulations of certain jurisdictions, this may be construed as an advertisement or solicitation.

 

________________________________________________

About Caplin & Drysdale
Having celebrated our 50th Anniversary in 2014, Caplin & Drysdale continues to be a leading provider of tax, tax controversy, and litigation legal services to corporations, individuals, and nonprofits throughout the United States and around the world. We are also privileged to serve as legal advisors to accounting firms, financial institutions, law firms, and other professional services organizations.

The firm's reputation over the years has earned us the trust and respect of clients, industry peers, and government agencies. Moreover, clients rely on our broad knowledge of the law and our keen insights into their business concerns and personal interests. Our lawyers' strong tactical and problem-solving skills - combined with substantial experience handling a variety of complex, high stakes, matters in a boutique environment - make us one the nation's most distinctive law firms.

With offices in New York City and Washington, D.C., Caplin & Drysdale's core practice areas include:

-Bankruptcy
-Business, Investment & Transactional Tax
-Complex Litigation
-Corporate Law
-Employee Benefits
-Exempt Organizations
-International Tax
-Political Law
-Private Client
-Tax Controversies
-Tax Litigation
-White Collar Defense

For more information, please visit us at www.caplindrysdale.com.

Washington, DC Office:
One Thomas Circle, NW
Suite 1100
Washington, DC 20005
202.862.5000
        New York, NY Office:
600 Lexington Avenue
21st Floor 
New York, NY 10022
212.379.6000

___________________________

Disclaimer
This communication does not provide legal advice, nor does it create an attorney-client relationship with you or any other reader. If you require legal guidance in any specific situation, you should engage a qualified lawyer for that purpose. Prior results do not guarantee a similar outcome.

Attorney Advertising
It is possible that under the laws, rules, or regulations of certain jurisdictions, this may be construed as an advertisement or solicitation.

© 2017 Caplin & Drysdale, Chartered
All Rights Reserved.