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.
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 U.S. lawmaker is questioning an IRS decision not to reward whistleblowers who disclose potential violations of Bank Secrecy Act reporting requirements tied to accounts held at foreign financial institutions.
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.
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.
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.
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.