Reuters, 8 Jul 2010
(Reuters) - After forcing Switzerland's top bank UBS to its knees for helping U.S. residents dodge taxes, U.S. authorities are moving on other banks and countries used to hide clients' cash.
The Department of Justice is now going after other offshore centers like Singapore, which have attracted undeclared money that left Switzerland, and has opened a criminal inquiry into Asian clients of Britain's HSBC Holdings Plc, Europe's No. 1 bank..
Banks in Singapore and Hong Kong hold estimated offshore wealth worth $700 billion against Switzerland's $2 trillion, according to the 2010 Boston Consulting Group Wealth Report. Full Story