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.
Britain will soon strengthen its asset-freezing powers and review its suspicious transaction reporting rules, according to a governmental plan outlined Thursday.
Britain's tax enforcer Friday revised its plan to seize money from delinquent taxpayers, extending the time debtors have to appeal the decisions and bolstering independent oversight of the program.
The price tag financial institutions will face implementing a newly-endorsed intergovernmental plan to fight tax evasion will be high despite their recent investments to comply with similar American demands.
The U.K. is weighing amendments to its plan for a public registry of corporate owners that would allow individuals who control the firms to better protect their personal data.
Representatives from 51 jurisdictions Wednesday formalized their commitment to automatically exchange data starting in 2017 and 2018 as part of a global effort to limit tax evasion.
The United Kingdom's tax enforcement agency is unlikely to meet prosecution targets set for the financial year due to crippling funding cuts, say sources.
The United Kingdom Tuesday outlined how it might soon get tougher on tax cheats through revised penalties and clearer standards for criminal prosecutions when individuals are aided by commercial advisors.
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.
A U.K. plan to name the owners of privately-held corporations will help shine a light on shell companies, but how revealing that effort will be remains uncertain.
Britain plans a public database of company beneficial ownership information, sanctioned Syria is turning to second-tier Russian banks to access international markets, a co-founder of Liberty Reserve pleaded guilty to money laundering, and more, in the weekly news roundup.
European Union officials discussed plans Tuesday to cooperate with a U.S. law aimed at tax evaders, and the expected introduction of a new model agreement for related, reciprocal data exchanges.
A plan by the United Kingdom's Parliament to make it obligatory for non-U.K. financial institutions to disclose data about their British clients is likely to face stiff resistance from the banking sector, say sources.
The United Kingdom could begin using a powerful prosecutorial tool as early as next year in investigations of financial institutions suspected of facilitating money laundering and sanctions violations.
A tax data agreement between the U.K. and Switzerland is likely to be nixed by EU officials because it falls short of transparency measures adopted by other countries, an advocacy group said Monday.
A U.S. anti-tax haven law that goes into effect in 2013 may serve as a model for European legislators seeking to recoup lost tax revenue, said speakers at an anti-money laundering conference on Monday and Tuesday.
An expected agreement between the United Kingdom and Switzerland to tax half of the income of Britons keeping undeclared assets in Swiss bank accounts is a significant step backward in the fight against bank secrecy, say tax reform advocates.
Countries should ease their privacy restrictions that hinder cross-border data-sharing on suspicious transactions, according to a Toronto-based intergovernmental group of financial intelligence units.
The Organisation for Economic Co-operation and Development and the Council of Europe agreed Tuesday to an updated tax data sharing agreement signed by 14 countries, including the United States.
An influential international anti-money laundering group may request that its members pass legislation tying tax evasion to money laundering as part of an effort to to pierce Swiss bank secrecy.