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Despite US Crackdown, Tax Evasion a Tough Call in SAR Filings
By Colby Adams
printAs the United States continues its crackdown on foreign banks that aid American tax evaders, the role compliance officers can play in reporting the crime remains unclear, say bankers. While IRS officials have increasingly cited their use of suspicious activity reports (SARs) in tax investigations, some anti-money laundering (AML) officers believe that a lack of federal guidance on the topic of tax evasion leaves "us in the fog about whether to file or not to file," said a New York-based compliance officer of a major financial institution. The problem is exacerbated by the fact that funds transfers that likely indicate...
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