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.
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.
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 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.
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.
A plan to require member-states of the European Union to automatically exchange tax-related data in an effort to boost government revenues is likely to face political and logistical challenges.
International efforts to crack down on bank secrecy abuse remain stymied, with few tax evaders opting to move their money out of traditional European and offshore tax havens, according to analysts.
Delaware, one of the smallest and least populated states in the United States, ranks as the most secretive jurisdiction in the world for financial transactions, a London-based advocacy group said Monday.
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.
International pressure on bank secrecy havens, including Switzerland and Lichtenstein, is prompting tax evaders to move their assets to Middle Eastern and Asian countries, say economic analysts.
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.
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.
The United States and Liechtenstein have signed a tax information exchange agreement that would give U.S. authorities more leverage in finding American tax evaders.
Swiss bank UBS AG will end its offshore banking services to residents of the United States, a company official told Capitol Hill on Thursday.