Settlement with UBS in Hand, Justice Department Gears Up for Push to Find Assets in Asia

By Brian Monroe

The U.S. Justice Department settlement with one of Switzerland's largest banks that requires the bank to divulge the names of thousands of suspected tax evaders could provide just one more trail leading investigators to financial institutions in Asia, say tax analysts. Even as the Justice Department announced the agreement last Wednesday with UBS AG, several wealthy Americans with UBS accounts pleaded guilty to violating U.S. tax laws, most recently UBS client John McCarthy, who admitted Friday that he had used a Hong Kong-based company to evade taxes. McCarthy's case is unlikely to be the only link U.S. investigators find to...