Hong Kong Is New Target of U.S. Crackdown on Taxes (Update1) - Bloomberg.com

And like clockwork, the machine ticks. (Sorry Switzerland, no pun intended.) Latest news on Bloomberg.

http://www.bloomberg.com/apps/news?pid=20601087&sid=axQFGFjoAzkE&pos=2

No tax haven can ignore this, even tax havens who ignore that they are tax havens. Excerpt:

“There is a phenomenal amount of money in undeclared status in Singapore, Hong Kong and maybe now China,” said Scott Michel, an attorney at Caplin & Drysdale in Washington. “The IRS has decided that the template has worked so well for Switzerland that it wants to mimic that investigative strategy with other countries.”