Panama based, Sovereign Management & Legal Ltd, has been described by the IRS & US government as “a one-stop shop for money laundering with structures and services that can be used for tax evasion.”
Now, HSBC USA has been ordered by a US federal court to disclose records of Sovereign customers (who used HSBC USA as a correspondent bank, as well as other wire and payment services).
Client records are being reviewed for 2005-2013. Sovereign in 12/14 was added to the IRS list of the highest penalty (50%) for undisclosed foreign accounts for those US taxpayers who enter into the IRS/OVDP.
Click link for complete article, “Prying Eyes? Sovereign Has You Covered,” by Charles R. Babcock, ICIJ.org