Administrators for a collapsed Lithuanian lender are pursuing at least two cases against Swiss and Austrian banks for failing to stop its former chairman, Russian financier Vladimir Antonov, from misappropriating nearly €500 million, according to a bankruptcy report published Friday.
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.
I've always found it offensive when tabloids use terms like "rat" or "squealer" to describe the actions of those who report or testify about criminal behavior. It's no less offensive when one of the terms is used in defense of attorney-client privilege.
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.
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.
The release of hundreds of U.S. State Department cables as part of a massive leak of sensitive diplomatic communiqués is likely to prompt bank compliance departments to tweak risk rankings.
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.
U.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.
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.
Swiss authorities agreed to release over $74 million in assets tied to the brother of Mexico's former president Carlos Salinas de Gortari to the Mexican government, the Swiss Justice Ministry said Wednesday.
The bill, introduced last February by U.S. Senator Carl Levin, would broadly limit the ability of U.S. companies to operate offshore and domestic accounts through shell organizations in secret.
Swiss bank Julius Baer Holding AG had sued to have Wikileaks permanently shut down for allegedly posting hundreds of leaked customer documents. The documents purportedly showed that accounts were used to launder money for political figures and businessmen in China and Europe.
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.