FATCA demands global banking transparency. Meanwhile, the IRS' OVDP and Streamlined amnesty programs continue. Which is best, and why?
By Joshua Franklin ZURICH (Reuters) - Switzerland's private banks are close to ridding themselves of undeclared European accounts, a salutary process but one which has undermined efforts to grow their businesses. Following the financial...Show More Summary
WIth FATCA and the U.S. settlement deal for Swiss banks, global transparency is here. And the penalty exposure for unreported offshore accounts is huge, both civil and criminal. With more banks on the IRS 50% penalty list within the OVDP, even a 50% deal is still vastly better than the bigger penalties and prosecution that are possible.
Attorney General Michael Lauber said that Swiss banks reported suspected money laundering activities they had observed around accounts of FIFA.
Swiss banks reported suspicious activity around Fifa accounts, says the Swiss attorney general investigating corruption.
With FATCA in force and more and more banks striking non-prosecution deals with the U.S., offshore accounts are being disclosed in record numbers. IRS amnesty deals are not perfect, but they are far better than the alternative.
U.S. authorities are getting a “treasure trove” of information from some 100 banks and other financial firms in Switzerland, a Justice Department official said Friday.
Two Switzerland-based banks have agreed to disclose secret accounts belonging to US taxpayers as part of a new US program to fight offshore tax evasion, the US Department of Justice announced in a statement on Wednesday.
The FIFA bribery scandal has entangled many individuals in its web. Now i t looks like Nike may have been dragged into the alleged "ramp ant, systemic, and deep-rooted corruption" that US Attorney General Loretta Lynch says has sullied...Show More Summary
The European Union and Switzerland struck a historic accord on Wednesday to exchange bank account data in a bid to fight tax evaders, the European Commission said in a press release.
GENEVA (Reuters) - A senior Swiss finance ministry official said on Tuesday he expected more Swiss banks to settle with the U.S. Department of Justice "in the near future", avoiding prosecution for helping U.S. account holders conceal assets and income. Show More Summary
John Malkovich's suit against a French newspaper for falsely calling him a tax cheat contains useful reminders. Banking everywhere is transparent now, and no one likes holders of secret accounts, Swiss or otherwise. With FATCA, IRS and Justice Department programs, nothing will be secret for long.
Like cult members awaking to find their leader swigging gin and squirreling money into a Swiss bank account, liberals are rubbing their eyes in disbelief at President Obama’s behavior. The
PRESIDENT OBAMA’S THIRD CLASS TEMPERAMENT: “Like cult members awaking to find their leader swigging gin and squirreling money into a Swiss bank account, liberals are rubbing their eyes in disbelief at President Obama’s behavior.... So welcome to our world, liberals. Now that your eyes are opened, take a look at the completely […]
The accounts were examined under a new Swiss law that requires banks to publish information this year on accounts that were opened at least 60 years ago and have been dormant for 50 years.
National Front party founder Jean-Marie Le Pen allegedly squirreled away a small fortune, including $1.87 million worth of gold bars and coins.
The honorary president of the Front National party has been hit with allegations that he kept an undisclosed trust with HSBC in Switzerland with the amount ofworth €2.2 million [$2.4 million].
Following comments from the Swiss National Bank, reducing the group of sight deposit account holders that are exempt from negative interest rates, has sent Swissy tumbling... The rush out of swiss francs reignites As Bloomberg reports, Swiss National Bank says its reduced the group of sight deposit account holders that are exempt from negative rates. Show More Summary
Swiss officials initialled an agreement with EU counterparts to allow the automatic exchange of tax information of bank account holders between the two jurisdictions. ||| Catherine Bosley Zurich SWISS officials initialled an agreement...Show More Summary
At the 2015 IndieCade East hosted last month by the Museum of the Moving Image in Queens, Seth Alter of Subaltern Games said in a talk that he sets out to examine the problem of a genre and then tries "to subvert it and make something new with its existing systems."