Former UBS AG employee Stephanie Gibaud in 2008 was faced with the choice of whether to comply with her employer's request that she destroy records potentially indicating that the bank had courted tax-evading clients. When she refused, the bank psychologically bullied her until she departed in 2012.
Not long ago, U.S. settlements in the hundreds of millions of dollars for violations of American law by a foreign bank seemed unlikely, if not out of the realm of possibility altogether. Then came the $780 million deferred prosecution agreement with UBS AG in 2009.
Facing the possibility of stiff monetary settlements, several Swiss banks are threatening to seize funds from U.S. clients who refuse to declare their offshore accounts to the Internal Revenue Service.
Credit Suisse AG's guilty plea to charges that it hid clients' assets from U.S. tax collectors is likely to translate into more troubles for the institution, both here and abroad.
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.
A U.S.-Swiss plan to resolve a tax evasion dispute may absolve Switzerland's government from further action but will prove costly and time-consuming for participating banks, say attorneys.
In his 12-year career as an Assistant U.S. Attorney in the Southern District of New York, Daniel W. Levy has investigated and prosecuted several banks, bankers, and financial services advisors that facilitated the evasion of U.S. taxes through the use of complicit offshore financial institutions.
U.S. lawmakers threaten to impose sanctions on Russia for harboring Edward Snowden, Switzerland transfers $962 million for backdated taxes, and more, in this week's news roundup.
The National Futures Association fined NCMFX, Inc. $12,500 for anti-money laundering deficiencies, Turkey's parliament began deliberations on a bill aimed at curbing terrorist financing, and more, in this week's roundup.
Credit Suisse Group AG's $205 million settlement with Germany over allegations that it aided tax evaders is likely to speed up its negotiations with U.S. officials looking into similar violations.
The U.S. government will ask Credit Suisse to turn over information on more than 1,000 accountholders as part of an ongoing criminal tax probe, according to an individual familiar with the matter.
India proposes new anti-money laundering measures, two brothers are indicted in Miami over alleged laundering of drug proceeds, and more, in this week's roundup.
The U.S. crackdown on tax evasion that began with the UBS AG settlement is prompting widespread changes in how foreign banks serve American clients and bringing individual bankers under greater scrutiny.
A federal judge's questioning of the recent DPA between the U.S. Department of Justice and Barclays Bank, could signal that future agreements will be more expensive for financial institutions and more perilous for their top executives, according to legal analysts.
A decision by a Swiss court suspending challenges of a U.S. investigation of UBS AG accounts has cleared the way for Swiss lawmakers to decide in June whether to turn over account data.
The chief investigator of sanctions violations at Lloyds TSB Bank and Credit Suisse speaks with Editor-in-Chief Kieran Beer about the unprecedented penalties and the need for federal beneficial ownership legislation.
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.
The U.S. Justice Department settlement with one of Switzerland's largest banks that requires the bank to divulge the names of thousands of suspected tax evaders could provide just one more trail leading investigators to financial institutions in Asia.
Switzerland's largest bank agreed Wednesday to release details to the United States on 4,450 accounts held by U.S. taxpayers suspected of failing to report a total of $18 billion in revenue, the parties said.
Switzerland's largest bank will pay $780 million to the United States for helping 17,000 U.S. citizens evade paying taxes on offshore revenue, the U.S. Justice Department said Wednesday.