Former UBS AG employee Stephanie Gibaud in 2008 was faced with the choice of whether to comply with her employer's request that she destroy records potentially indicating that the bank had courted tax-evading clients. When she refused, the bank psychologically bullied her until she departed in 2012.
If the acquittal of Raoul Weil earlier this week was for Swiss bankers a sign of hope and for American prosecutors a signal disappointment, it was both for a single reason. The verdict reflected the limits to U.S. ambitions to punish foreign bankers.
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.
A U.S.-Swiss plan to resolve a tax evasion dispute may absolve Switzerland's government from further action but will prove costly and time-consuming for participating banks, say attorneys.
In his 12-year career as an Assistant U.S. Attorney in the Southern District of New York, Daniel W. Levy has investigated and prosecuted several banks, bankers, and financial services advisors that facilitated the evasion of U.S. taxes through the use of complicit offshore financial institutions.
An expected plan to resolve a U.S.-Swiss tax dispute will likely prompt a wave of disclosures by American taxpayers and clear the way for banks to turn over data on their employees.
For the second time this year, a U.S. judge has granted federal investigators broad authority to review a global bank's anti-money laundering records as part of an offshore tax evasion probe.
U.S. investigators are increasingly relying on suspicious activity reports filed by depository institutions in their efforts to find tax evaders who hide their assets in foreign bank accounts.
Switzerland will begin disclosing account data on nearly 4,000 UBS AG clients within a week after Swiss lawmakers Thursday approved the handover, marking an unprecedented exception to the country's bank secrecy laws.
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.
A Swiss proposal of how to circumvent a court ruling that blocked an August data exchange agreement may leave U.S. investigators with fewer names of suspected tax cheats than expected.
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.
Many tax havens have done the bare minimum to remove themselves from an intergovernmental group's list of regulatory-lax jurisdictions, at times only signing tax treaties with other bank secrecy countries.
As many as a dozen countries are expected to press UBS AG for information on tax evaders following the bank's settlement last week with the United States, say tax analysts.
The U.S. Justice Department settlement with one of Switzerland's largest banks that requires the bank to divulge the names of thousands of suspected tax evaders could provide just one more trail leading investigators to financial institutions in Asia.
The United States and UBS AG asked a Miami judge Friday to again delay a tax evasion hearing so the parties could hash out the details of a preliminary settlement.
The United States has reached a tentative agreement with UBS AG and Switzerland over a bank program that allowed U.S. tax payers to avoid reporting billions of dollars in revenue.
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.
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.
Swiss bank UBS AG will end its offshore banking services to residents of the United States, a company official told Capitol Hill on Thursday.