Oops! CIBC offshore accounts targeted in U.S. tax-evasion probe

[malaise]

http://www.cbc.ca/news/politics/story/2013/05/01/cibc-firstcaribbean-irs-summons-tax-evasion-investigation.html
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Rich Americans are using offshore bank accounts at a CIBC subsidiary in the Caribbean to evade taxes, according to the U.S. Internal Revenue Service, and the tax agency is now going after them.

In one case, "tens of millions of dollars" were transferred into and out of the United States using numerous accounts held by a U.S. taxpayer and by several shell companies he controlled, the IRS said in a court filing this week.

The taxpayer "did not report any income arising from the transactions," according to the agency.

In a half-dozen other cases, accounts at CIBC's FirstCaribbean International arm — which operates in 18 Caribbean countries — were used to funnel money by people charged with or convicted of crimes including tax evasion and conspiracy to launder money, the IRS said.

"Numerous U.S. taxpayer clients" of the bank "evaded substantial income taxes," the IRS said in documents filed in U.S. Federal Court in California.