The U.S. Internal Revenue Service's criminal division will open more investigations into members of an anti-government group that refuse to pay income tax, according to a senior agency official.
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.
Advocacy groups and developing countries are lobbying the United Nations to bolster its role in fighting tax crimes following disappointments with the efforts of an intergovernmental group representing wealthy nations.
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.
Plans to make tax evasion a predicate crime of money laundering will likely be successful despite speculation that broader financial regulatory reform is foundering, say Capitol Hill staffers.
The head of the Senate's powerful Permanent Subcommittee on Investigations is pushing for the establishment of international agreements to penalize banks known to help tax evaders.
In the wake of an extensive proposal forwarded by the Obama administration to stem tax evasion, anti-money laundering compliance departments are looking again at what they can and must do to fight the crime.
The White House called on lawmakers Monday to draft legislation that would curb the use of offshore tax havens by financial institutions that do business in the United States.
Plans by the Group of 20 to put an end to tax haven abuse could take up to ten years to implement, and will face political challenges, say international tax experts.
Mike Flowers, a former counsel to the Permanent Subcommittee on Intelligence, discusses the committee's hearing on tax evasion by UBS AG and LGT Bank, in the second half of a two-part interview.
The authors of the Stop Tax Haven Abuse Act are trying to charge FinCEN with duties the agency has shown no appetite for, according to guest writer Bruce Zagaris of Berliner Corcoran and Rowe, LLP.
Financial regulation is in the early stages of undergoing its biggest change since the passage of the U.S. Patriot Act, according to Mike Flowers, a former counsel for the U.S. Permanent Subcommittee on Investigations.
Five bank secrecy jurisdictions have acquiesced since Thursday to international calls for them to loosen privacy rules that allow tax evaders to hide their assets from governments, according to tax consultants and media reports.
OECD official Jeffrey Owens spoke with reporter Brian Monroe about why tax evasion has grown in importance, and how the recent fine against Swiss bank UBS has been a wakeup call for some banks.
Switzerland's largest bank disputed claims Wednesday that it was balking at U.S. demands for information on 52,000 undeclared accounts suspected to belong to tax evaders.
A Lichtenstein bank accused by U.S. lawmakers of aiding tax evaders could face sanctions on the heels of a nearly $800 million penalty against UBS AG, according to banking consultants.
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.
The U.S. Senate is considering an anti-fraud bill that would broaden the application of money laundering laws to include the gross receipts of crimes and money funneled offshore to avoid taxes.
Federal authorities Wednesday charged the former head of UBS's offshore private banking division with helping tens of thousands of U.S. clients conceal billions of dollars from the Internal Revenue Service.
An increase in the number of individuals coming clean about secreting away money will mean greater government scrutiny of foreign bank accounts and complicit financial institutions, say tax attorneys.