News
U.S. to Seek More than 1,000 Names in Credit Suisse Tax Case: Source
By Brian Monroe
printThe U.S. government will ask Credit Suisse to turn over information on more than 1,000 accountholders as part of an ongoing criminal tax probe, according to an individual familiar with the matter. The Swiss bank said earlier this month that it had received a letter from the U.S. Justice Department informing it of an investigation related to its American clients. Since February, the department has indicted seven of the financial institution's officials on charges of facilitating tax evasion by more than 50 U.S. taxpayers. The suspected infractions by Credit Suisse are "exactly like" those committed by UBS AG, said the...
TO READ THE FULL STORY
Related News
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.
Hundreds of Swiss bankers are suing to stop their old employers from turning over to the United States details of their interactions with suspected American tax evaders, according to a tax attorney.
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.
Facing the possibility of stiff monetary settlements, several Swiss banks are threatening to seize funds from U.S. clients who refuse to declare their offshore accounts to the Internal Revenue Service.
Credit Suisse AG's guilty plea to charges that it hid clients' assets from U.S. tax collectors is likely to translate into more troubles for the institution, both here and abroad.
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.
Despite five years of negotiations with Credit Suisse, the U.S. Justice Department has identified only one percent of the bank's American clients it suspects of dodging taxes, according to lawmakers.
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.
U.S. lawmakers threaten to impose sanctions on Russia for harboring Edward Snowden, Switzerland transfers $962 million for backdated taxes, and more, in this week's news roundup.
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 former Bank Julius Baer official is weighing turning over data on suspected tax cheats to U.S. and Indian officials after the Swiss government declined to investigate his allegations.
Credit Suisse Group AG's $205 million settlement with Germany over allegations that it aided tax evaders is likely to speed up its negotiations with U.S. officials looking into similar violations.
After over a year of negotiations with UBS AG, U.S. officials will have more leverage to reach a settlement with another Swiss bank that may have helped American citizens hide taxable assets.
A nearly $540 million fine against Credit Suisse AG for facilitating illicit transactions for Iran is sending a message to the financial industry: large sanctions penalties are here to stay.
Credit Suisse AG will pay $536 million as part of an agreement to settle charges that it provided banking services to entities that were the subject of U.S. economic sanctions, according to a statement released by the bank today.