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IRS Investigation of Bank Julius Baer Well Under Way: Whistleblower
printU.S. tax authorities and a Senate investigatory team are looking into reports that the Cayman Islands branch of Bank Julius Baer helped American accountholders hide taxable revenue, according to the former chief of the bank's Caribbean operations. Rudolf Elmer, a 15-year veteran of the bank and a 33-year veteran of offshore banking, was fired in December 2002 for allegedly leaking hundreds of pages of the financial institution's internal documents showing purported widespread tax evasion. In September 2005, Elmer was imprisoned in Switzerland for 30 days as part of pretrial detention after Julius Baer indicated it would have him charged with...
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Julius Baer on Thursday agreed to pay nearly $550 million to defer a U.S. tax-evasion prosecution, hours after two of the Swiss private bank's former wealth managers pleaded guilty to planning the conspiracy.
The Internal Revenue Service disclosed final rules set for publication next week that will clarify how and when informants can collect rewards for identifying tax cheats, but not money launderers.
Thirty-four nations disclosed a finalized model plan Monday to regularly share financial data for tax enforcement purposes as part of a broader crackdown on tax dodgers and offshore jurisdictions.
An influential Senate subcommittee will hear testimony on tax evasion through offshore banks, Switzerland agrees to follow automatic data exchange standards and more, in this week's news roundup.
The U.S. Justice Department seizes digital funds tied to an Internet black market, Republicans line up behind effort to fight FATCA and more, in this week's news roundup.
China prohibits the trading of bitcoins by financial institutions over money laundering concerns, the U.K. closes 100 suspicious Bank of Cyprus accounts, and more, in this week's news roundup.
Financial trade groups are asking the U.S. Treasury Department for more time to comply with intergovernmental agreements intended to shine a light on bank accounts held by American tax dodgers.
A Geneva court's ruling clearing the way for bankers to know whether their employers have identified them to American investigators threatens to complicate a negotiated U.S.-Swiss tax deal, say sources.
Swiss financial institutions will likely exploit gaps in a bilateral agreement between the United States and Switzerland to preserve bank secrecy for their clients, says the bestselling author of a book on money laundering.
An expected pitch Friday by Switzerland's executive branch to clear the way for banks to share data with the United States is likely to face stiff domestic challenges, say Swiss attorneys.
A plan to require member-states of the European Union to automatically exchange tax-related data in an effort to boost government revenues is likely to face political and logistical challenges.
The indictment of a now-defunct Swiss financial institution and threatened charges against the country's largest publicly-owned bank fueled Switzerland's decision last month to seek a broad data-sharing agreement with American officials.
Dozens of would-be informants from banks have contacted attorneys following the disclosure Tuesday that a former UBS AG banker received $104 million for reporting his institution's role in a tax evasion scheme.
A former Bank Julius Baer official is weighing turning over data on suspected tax cheats to U.S. and Indian officials after the Swiss government declined to investigate his allegations.
Publicity over the expected disclosure of private banking data on 2,000 prominent clients of Bank Julius Baer and at least two other financial institutions could spur tax authorities to act more quickly on information they already have.
Internal clashes at Wachovia Bank over whether a corporate client or its customers were likely laundering money preceded the tip-off that contributed to the United States' decision to levy the largest-ever anti-money laundering fine, according to a former bank compliance officer.
A provision in the Senate's proposed financial overhaul bill could incentivize more anti-money laundering compliance officers to blow the whistle on any illegal activities of their employers in exchange for large payouts.
Though offshore banking jurisdictions have recently been the subject of worldwide scrutiny for being illegal tax havens, compliance officers should be able to separate facts from fiction, according to the chairman of the Cayman Islands Monetary Authority.
Former Bank COO Rudolph Elmer, who has been sued by Julius Baer for allegedly leaking hundreds of the bank's documents suggesting a systemic laxity toward tax evasion and money laundering, said the Swiss laws allow institutions to hide their criminal support for white collar criminals.
Bank Julius Baers sued Wikileaks.org, claiming the organizations violated bank privacy laws by publishing hundreds of documents online that detail the private accounts of bank clients. The documents purportedly show evidence of money laundering and fraud through an offshore branch of the bank.