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.
An IRS personnel reshuffle designed to combat offshore tax evasion coincides with an influx of over 800 new employees and will facilitate enforcement of a controversial tax law beginning in 2013, say analysts.
The chairmen of the Senate Finance and House Ways and Means committees unveiled legislation Tuesday designed to help the I.R.S. find tax evaders with assets housed in offshore jurisdictions.
The Supreme Court is likely to reverse a decision by a lower court that deemed parts of the country's counterterrorism laws unconstitutional and overly vague, say former federal investigators.
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.
U.S. lawmakers voted Monday to pass a bill that would expand the definition of money laundering and strengthen anti-fraud laws, paving the way for the measure's passage.
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.
The Senate passed a measure Tuesday that would expand the U.S. definition of money laundering and make tax evasion a predicate to the crime.
A Congressional bill that would overturn two 2008 U.S. Supreme Court decisions that narrowed the definition of money laundering goes too far in expanding the meaning of concealment, say consultants.
Plans to increase the number of federal financial crime investigators advanced Thursday as the Obama administration and lawmakers alike called for more resources at the U.S. Justice Department.
A Congressional bill intended to counter a Supreme Court decision that scaled back the definition of money laundering will likely become a law, say legal experts.
A recent U.S. Supreme Court decision is likely to keep some money laundering charges from being filed, delay current trials and bring a wave of appeals for just-closed cases, according to compliance professionals.
The pair of decisions restricts the use of laundering charges by prosecutors in drug and organized crime cases.