On May 9, 2014, the U.S. Treasury announced that Hong Kong had agreed in substance on a Model 2 FATCA IGA.  Under the  IGA, Hong Kong financial institutions will report information on financial accounts held by U.S. persons directly to the Internal Revenue Service.  Hong Kong is only the seventh country to have chosen a Model 2 IGA.

For more information on IRS criminal tax investigations and issues relating to criminal tax defense, please contact Jim Mastracchio at (202) 861-1650 (jmastracchio@bakerlaw.com) or Jay Nanavati, (202) 861-1747 (jnanavati@bakerlaw.com), Baker & Hostetler LLP, 1050 Connecticut Ave., Washington, DC 20036 (www.bakerlaw.com).