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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.
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.
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.
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.
A Miami judge Monday granted a two-week stay of a hearing on whether the United States can force UBS AG to turn over data on 52,000 suspected U.S. tax evaders.
Bank secrecy jurisdictions have lobbied behind the scenes to weaken a United Nations call for greater international cooperation on tax evasion expected to be issued this week, say tax policy analysts.
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.
At least half a dozen Swiss banks are scaling back their dealings with wealthy U.S. clients following a nearly $800 million penalty against UBS AG, according to news reports and tax analysts.
The Internal Revenue Service is seeking information from the nation's largest payment processor on merchants that allegedly use offshore bank accounts to avoid paying taxes, the agency said Wednesday.
Financial regulation is in the early stages of undergoing its biggest change since the passage of the U.S. Patriot Act, according to Mike Flowers, a former counsel for the U.S. Permanent Subcommittee on Investigations.
Five bank secrecy jurisdictions have acquiesced since Thursday to international calls for them to loosen privacy rules that allow tax evaders to hide their assets from governments, according to tax consultants and media reports.
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.
Lawmakers are likely to scrutinize the frequency of suspicious activity reporting by financial institutions that have reduced their anti-money laundering staff, a former Congressional counsel said Wednesday.
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.
