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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.
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.
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.
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 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.
The indictment of a now-defunct Swiss financial institution and threatened charges against the country's largest publicly-owned bank fueled Switzerland's decision last month to seek a broad data-sharing agreement with American officials.
The IRS has identified multiple U.S. banks that it could issue subpoenas to as part of an effort to determine whether international institutions have aided American tax evaders, a former agency official said Monday.
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.
HSBC Bank will lay off 77 employees that serve on its AML team in Buffalo, NY, Belarus' central bank will audit Credexbank after the U.S. Treasury Department accused it of money laundering, and more, in this week's roundup.
Two Venezuelan politicians may be tied to five people arrested for running an alleged $10 million money laundering scheme, loopholes in New Zealand's AML legislation often let criminals go unpunished, and more, in the midweek roundup.
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.
Switzerland's largest bank agreed Wednesday to release details to the United States on 4,450 accounts held by U.S. taxpayers suspected of failing to report a total of $18 billion in revenue, the parties said.
