US government battles for jurisdiction over Swiss American Bank

    A battle for legal jurisdiction between the US government and four offshore financial institutions in a $7 million forfeiture case contains a number of important issues that will affect all companies and individuals who operate offshore but have US clients.Among arguments being put forward by the US government for jurisdiction over banking entities located in Antigua, Switzerland and Panama is the fact that the offshore companies sell their services over the Internet, which can be accessed in the US; that Swiss American Bank has advertised in the in-flight magazine of American Airlines; and that SAB has correspondent banking relationships with banks in the States.