News
Tax Evasion Likely to Become Predicate Crime of Laundering, Say Hill Staffers
By Colby Adams
printPlans 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. Sens. Patrick Leahy (D-VT) and Charles Grassley (R-IA) introduced a provision in January as part of the Fraud Enforcement and Recovery Act (FERA) that would subject tax evaders to money laundering charges. While the language passed a Senate vote, it was later dropped in the final bill following lobbying efforts. But another bill including nearly identical provisions will be introduced "very soon," according to a former congressional staffer who asked not to...
TO READ THE FULL STORY
Related News
The price tag financial institutions will face implementing a newly-endorsed intergovernmental plan to fight tax evasion will be high despite their recent investments to comply with similar American demands.
A crackdown on Dutch financial gatekeepers who fail to comply with anti-money laundering rules is handing investigators in the Netherlands a cache of useful leads.
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.
Large banks need to clearly delineate which senior executives are responsible for Bank Secrecy Act compliance violations, the U.S. Comptroller of the Currency said in a speech Monday.
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.
Last year, I told you not to believe any of that "best of years, worst of years" stuff à la Charles Dickens with regard to 2012. But if 2013 was less eventful than the prior year, every indication is that 2014 will be "challenging" for financial institutions and regulators.
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.
Ahead of expected anti-money laundering regulations for investment advisers, some private equity firms may find themselves subject to such oversight for a reason few would have guessed: their fee structures.
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.
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.
Two U.S. lawmakers and a coalition of small businesses called Tuesday for stricter requirements on collecting beneficial ownership data as part of an effort to clamp down on corporate tax avoidance.
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.
An influential international anti-money laundering group may request that its members pass legislation tying tax evasion to money laundering as part of an effort to to pierce Swiss bank secrecy.
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.
The chairmen of the Senate Finance and House Ways and Means committees unveiled legislation Tuesday designed to help the I.R.S. find tax evaders with assets housed in offshore jurisdictions.
Mortgage lenders will face greater scrutiny from law enforcement agencies and federal regulators following the passage of an anti-mortgage fraud bill and the announcement that further regulations may be coming.
U.S. lawmakers voted Monday to pass a bill that would expand the definition of money laundering and strengthen anti-fraud laws, paving the way for the measure's passage.
The Obama administration's plans to curb foreign institutions from aiding U.S. tax evaders is short on details, but could block U.S. citizens and residents' access to foreign banks and put a new compliance burden on U.S. institutions, say some tax professionals.
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.