Under the penalty provisions of the Swiss Bank Program, banks seeking a non-prosecution agreement must agree to a penalty in an amount equal to 20 percent of the maximum aggregate dollar value of all non-disclosed US accounts.
If past reports are true, convicted spy Jonathan Pollard could have about $1 million waiting for him in a Swiss bank account when he is released from federal prison on parole in November. Pollard, whose release was announced on Tuesday, has served nearly 30 years for supplying the Israeli government with classified U.S. Show More Summary
A Federal Appeals Court last week upheld a sentence sparing billionaire Beanie Babies creator Ty Warner jail time for stashing millions in Swiss bank accounts to avoid paying taxes.
Prosecutors lose argument that billionaire H. Ty Warner got off too easy after hiding millions in Swiss bank account
Following years of talks with Switzerland on disclosure of untaxed Greek money in Swiss bank accounts, Athens is now presenting a proposal to grant amnesty to tax evaders on the condition that they pay a 21-percent levy on undeclared assets, a Swiss newspaper said Sunday.
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.