The U.S. Treasury Department published a preview of upcoming guidance Tuesday for financial institutions that have agreed to report to the Internal Revenue Service on their American clients.
Foreign banks are delaying overhauls to their IT systems and customer onboarding procedures made necessary by a U.S. tax law until their home governments conclude client data-sharing agreements with the United States, according to U.S. officials.
A group of European Parliament members will soon weigh in on whether lawmakers should create an EU-wide police force and more closely cooperate on border security to stem financial crime, according to Bill Newton Dunn, a British lawmaker.
The U.S. Treasury Department will publish final rules this week on an anti-tax evasion law intended to compel foreign banks to disclose data on their high-value American clients, say sources.
Set to take effect in a little more than a year, a U.S. plan to shine a light on American tax evaders holding accounts abroad is spurring detractors and imitators alike.
Financial institutions concerned about a looming Foreign Account Tax Compliance Act implementation date can breathe easier, at least for another year, under a new U.S. Treasury Department timetable.
The criminal division of the U.S. Internal Revenue Service will send representatives to two nations in an effort to better coordinate financial crime investigations, a senior agency official said Monday.
The U.S. Treasury Department disclosed model plans Thursday that will allow five nations to comply with American tax data-sharing requirements set to take effect early next year.
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.
Even as Swiss and U.S. authorities near an expected settlement over American allegations of tax evasion, some financial institutions in Switzerland are informing their clients how to disguise money abroad, say industry sources.
Financial industry groups from several countries called on U.S. officials to extend by one year a deadline to comply with an anti-tax evasion law that takes effect in January.
The U.S. Treasury Department finalized rules Tuesday that could eventually permit the automatic exchange of U.S. banking data with dozens of countries in efforts to combat offshore tax evasion.
With the first deadline for an anti-tax evasion law a year away, foreign financial institutions remain unsure about their obligation to renew certain certifications and amend their recordkeeping procedures.
At least twenty senators have backed an amendment that would stymie an IRS proposal that could allow other nations to more easily obtain data on nonresident bank clients in the United States.
The FDIC asked financial institutions to proceed with caution when dealing with third-party payment processors, the owners of a Los Angeles company that sold stuffed toys were sentenced for helping drug traffickers launder money, and more, in the midweek roundup.
The U.S. Internal Revenue Service Thursday extended deadlines and introduced a phased-approach for foreign banks to comply with a new law designed to detect and discourage tax evasion.
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.