Caribbean bank accounts are next IRS target
Opening a new front in the U.S. crackdown on offshore tax evasion, federal investigators late Monday won court approval for a summons that will force a Caribbean bank to turn over account data for wealthy American clients.
Investigators planned to serve the summons on Wells Fargo, the San Francisco-based bank that maintains correspondent accounts for CIBC First Caribbean International Bank. FCIB is a Barbados-based bank with 18 branches in the Caribbean but no operations in the U.S.
The Justice Department said a federal court in San Francisco approved the summons, which requests account data for Americans who had CIBC accounts from 2004 through 2012.