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.
Hundreds of Swiss bankers are suing to stop their old employers from turning over to the United States details of their interactions with suspected American tax evaders, according to a tax attorney.
In the wake of criticism from a government watchdog, the Internal Revenue Service is close to finalizing changes to a limited amnesty program for Americans illegally hiding funds overseas and dodging reporting requirements, the head of the tax agency said Tuesday.
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.
Vatican Bank has identified more than 100 suspicious transactions this year, a court sentenced former Goldman Sachs banker Elias Preko to over four years in prison for laundering $5 million, and more, in the midweek roundup.
China prohibits the trading of bitcoins by financial institutions over money laundering concerns, the U.K. closes 100 suspicious Bank of Cyprus accounts, and more, in this week's news roundup.
A Geneva court's ruling clearing the way for bankers to know whether their employers have identified them to American investigators threatens to complicate a negotiated U.S.-Swiss tax deal, say sources.
FATF removed Morocco and Nigeria from its list of jurisdictions that require ongoing monitoring, the OCC entered into a consent order with 1st Century Bank for AML violations, and more, in this week's roundup.
Finra fined a Columbus, OH-based firm $50,000 for AML violations, Bangladesh's FIU published a 1-year long AML action plan, and more, in the midweek roundup.
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.
An expected plan to resolve a U.S.-Swiss tax dispute will likely prompt a wave of disclosures by American taxpayers and clear the way for banks to turn over data on their employees.
Swiss financial institutions will likely exploit gaps in a bilateral agreement between the United States and Switzerland to preserve bank secrecy for their clients, says the bestselling author of a book on money laundering.
An expected pitch Friday by Switzerland's executive branch to clear the way for banks to share data with the United States is likely to face stiff domestic challenges, say Swiss attorneys.
The indictment of a now-defunct Swiss financial institution and threatened charges against the country's largest publicly-owned bank fueled Switzerland's decision last month to seek a broad data-sharing agreement with American officials.
Banks in Switzerland will be the first to disclose their American accountholders directly to U.S. officials rather than their government under the terms of a bilateral tax cooperation agreement.
As settlement negotiations with Swiss banks continue, the IRS is turning its attention to jurisdictions outside of Europe, including two set to eclipse Switzerland as the world's top secrecy havens.
The United States disclosed a plan Thursday that would allow Switzerland and Japan to comply with a controversial U.S. anti-tax evasion law despite bank secrecy controls in the countries.
Switzerland's virtually unregulated commodities market can be vulnerable to criminal tax evasion, money laundering and other financial crimes, all without the banks involved ever knowing, according to Andreas Missbach, the joint managing director of The Berne Declaration.
As Switzerland nears approval of a draft law allowing for greater financial data-sharing, Swiss officials will again find themselves navigating between two competing interests: protecting the nation's bank secrecy and pleasing those who wish to dismantle it.
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.