News
Court Ruling May More Closely Tie Tax Evasion and Money Laundering Charges, Say AML Consultants
By Matt Squire
printA federal judge's ruling may have nudged U.S. courts closer to treating tax evasion as a predicate crime for money laundering, legal experts say. In a case involving the mailing of fraudulent tax returns in the U.S. Virgin Islands, an appeals court ruled that unpaid taxes disguised through fraudulent tax returns are the proceeds of a mail fraud intended to launder money. The ruling reversed a February 2007 decision by a federal court in the U.S. Virgin Islands that dismissed money laundering charges against a group of nine family members that owned and operated a chain of supermarkets accused of...
TO READ THE FULL STORY
Subscribe
Learn More
Related News
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.
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 plan to require member-states of the European Union to automatically exchange tax-related data in an effort to boost government revenues is likely to face political and logistical challenges.
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.
A plan approved Wednesday by Argentine lawmakers to entice tax dodgers to repatriate their assets will also motivate international bankers to ask questions of their counterparts in the country.
Italian prosecutors seize $10.5 billion from one of Europe's wealthiest families, a judge questions HSBC's agreement with the U.S. Justice Department, and more, in this week's news roundup.
A group of investigative journalists reveal the identities of thousands of suspected tax evaders, U.S. prosecutors increasingly turn to a civil fraud statute to prosecute money launderers, and more, in this week's news roundup.
Banks in Switzerland will be the first to disclose their American accountholders directly to U.S. officials rather than their government under the terms of a bilateral tax cooperation agreement.
The U.S. Treasury Department is considering revising forms used to declare overseas assets and the transport of cash in and out of the country, an official disclosed Wednesday.
Ongoing efforts by European Union's Parliament to crack down on financial crime and tax evasion will be complicated by free trade agreements with Latin American nations, according to Jurgen Klute, an EU lawmaker.
Switzerland's oldest financial institution may be compelled to share data on its American clients after pleading guilty Thursday to helping customers hide revenue from the IRS, say attorneys.
U.S. officials Wednesday accused three former client advisors of an unnamed Swiss bank of helping American customers hide over $420 million in offshore accounts.
The head of the Senate's powerful Permanent Subcommittee on Investigations is pushing for the establishment of international agreements to penalize banks known to help tax evaders.
Swiss bank UBS AG will end its offshore banking services to residents of the United States, a company official told Capitol Hill on Thursday.