The leak of millions of records purporting to show widespread exploitation of offshore financial centers by global leaders, lenders and criminals is expected to draw governmental scrutiny of illicit finance, however unevenly.
The Obama administration is pushing lawmakers to introduce legislation that would require corporations to obtain tax identification data that could be turned over to investigators.
U.S. officials will formally propose this month a long-planned rule that would require banks to identify the owners of their corporate clients, according to an Office of Management and Budget schedule.
Intergovernmental plans to better identify corporate owners will do little to thwart financial crooks, even at great cost to banks and governments, according to an academic report on offshore financial flows.
Credit Suisse is unlikely to turn over the names of some suspected tax cheats even if the United States adopts a pending bilateral tax agreement with Switzerland, bank representatives told lawmakers Wednesday.
Despite five years of negotiations with Credit Suisse, the U.S. Justice Department has identified only one percent of the bank's American clients it suspects of dodging taxes, according to lawmakers.
Among the toasts at Adam Kaufmann's "retirement" party last week was one by a speaker who credited him with turning a bounced check into more than a billion dollars in penalties that have been shared by the city and state of New York over the past four years.
New York's importance as both a financial center and a target for terrorists not only justifies but demands tough prosecutions from Manhattan prosecutors, New York's District Attorney said Friday.
After over a year of negotiations with UBS AG, U.S. officials will have more leverage to reach a settlement with another Swiss bank that may have helped American citizens hide taxable assets.
The U.S. Treasury Department budgetary proposal to end direct access to its Bank Secrecy Act database by 142 law enforcement agencies would have a "destructive effect" on investigations by New York City's top prosecutor, a former Justice Department official said Thursday.
The Manhattan District Attorney's Office has launched an initiative to review regulatory suspicious activity reports in tandem with a broad outreach to banks, the agency's top official said Tuesday.
One of the United Kingdom's largest banks has agreed to pay nearly $300 million to settle charges with U.S. and New York authorities that it stripped payment information from wire transactions to do business with countries on U.S. sanctions lists, according to court documents released Monday.
An expected fine for Barclays Plc totaling at least $300 million is tied to the bank's removal of data on wires involving Iran, according to a person with knowledge of the matter.
The Credit Suisse saga isn't over yet, at least not for Manhattan District Attorney Robert Morgenthau. His office announced Wednesday that the bank handed over $268 million to his office. Half of the sum will be turned over to the city of New York and the rest to New York State.
A nearly $540 million fine against Credit Suisse AG for facilitating illicit transactions for Iran is sending a message to the financial industry: large sanctions penalties are here to stay.
Credit Suisse AG will pay $536 million as part of an agreement to settle charges that it provided banking services to entities that were the subject of U.S. economic sanctions, according to a statement released by the bank today.
Investigations against at least nine foreign banks accused of violating U.S. sanctions will soon result in deferred prosecution agreements with some of the financial institutions, Manhattan's district attorney said Tuesday.
Lloyds TSB Bank Plc. has agreed to pay the United States $350 million to settle charges that it hid wire transfers with blacklisted companies, the largest sanctions-related penalty to date.
Government authorities Wednesday sued to seize tens of millions of dollars in assets from a New York management company they say acted as a front for a blacklisted Iranian bank.
The bank, which is based in London, expects to reach a "resolution" with the U.S. Justice Department, U.S. Treasury Department's Office of Foreign Assets Control and New York District Attorneys office, Lloyd's said in a statement Friday.