News
Levin Bill Would Require Banks to Block Transactions from Institutions that Aid Tax Evaders
By Colby Adams
printU.S. banks could be required to deny credit card transactions from foreign financial institutions linked to tax evaders under a measure introduced Tuesday by the chairman of the Senate Permanent Subcommittee on Investigations. The planned sanction, included as part of the latest iteration of the Stop Tax Haven Abuse Act, would be added to penalty powers proposed for the U.S. Treasury Department in past versions of the measure. With the exception of the credit card-related prohibition, the powers would mirror those granted to the department when it designates a foreign bank a "primary money laundering concern" under the U.S. Patriot...
TO READ THE FULL STORY
Subscribe
Learn More
Related News
Lawmakers slated to take control of the U.S. Senate's Permanent Subcommittee on Investigations will likely bring more than individual agendas to the powerful investigative body. For banks, they may bring a reprieve.
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.
The U.S. Internal Revenue Service's criminal division will open more investigations into members of an anti-government group that refuse to pay income tax, according to a senior agency official.
A recently adopted legislative amendment that would authorize punitive measures against foreign banks and countries that facilitate U.S. tax evasion faces significant opposition in the House of Representatives, say congressional sources and advocacy groups.
Proposed amendments to an Iran sanctions law that would require U.S. banks to certify whether their foreign counterparts do business with blacklisted Iranians would be a "huge" compliance burden if implemented, say top officials at the nation's largest financial trade group.
The U.S. Internal Revenue Service Thursday extended deadlines and introduced a phased-approach for foreign banks to comply with a new law designed to detect and discourage tax evasion.
A U.S. anti-tax haven law that goes into effect in 2013 may serve as a model for European legislators seeking to recoup lost tax revenue, said speakers at an anti-money laundering conference on Monday and Tuesday.
Upcoming U.S. Treasury Department rules on a new law meant to curb tax evasion may mean only modest new compliance duties for American financial institutions, according to consultants.
The head of a powerful U.S. Senate panel is pushing to include new corporate transparency measures as part of broader financial reform legislation, according to former and current staffers.
The Senate bill would authorize financial sanctions on designated tax havens.