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.
The regulatory burden of financial institutions complying with a U.S. tax law and related intergovernmental initiatives could largely depend on seemingly small details in know-your-customer profiles, compliance specialists said Thursday.
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.
An influential Senate subcommittee will hear testimony on tax evasion through offshore banks, Switzerland agrees to follow automatic data exchange standards and more, in this week's news roundup.
The expected approval of amendments to the EU's proposed Fourth Anti-Money Laundering Directive will shine greater light on tax evaders and financial criminals hiding behind shell companies and trusts, according to Judith Sargentini, a Dutch member of the European Parliament.
European parliamentary members are set to require countries to publish registries naming the beneficial owners of privately-held corporations and trusts as part of a broad overhaul to the EU's anti-money laundering rules.
The U.S. Justice Department seizes digital funds tied to an Internet black market, Republicans line up behind effort to fight FATCA and more, in this week's news 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.
Financial trade groups are asking the U.S. Treasury Department for more time to comply with intergovernmental agreements intended to shine a light on bank accounts held by American tax dodgers.
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.
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.
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.
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.
With an American anti-tax evasion law set to take effect and plans for another European Union directive to fight money laundering, French banks will soon have to know their clients better, according to Carolina Ceballos, a professor at the University of Strasbourg.
A U.S. plan for greater financial transparency is unlikely to bypass opposition from the head of a senate panel who is opposed to requiring companies to identify their real owners.
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.
The U.S. Treasury Department Thursday finalized rules for a controversial law intended to pressure foreign banks to name their American clients, and disclosed a related bilateral agreement with Norway.
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.