Archive | April, 2015

Swiss Bank Settlement BSA/US DOJ

April 30, 2015  |   Posted by :   |   OVDP,Tax Evasion,Unreported Income   |   0 Comments

The U.S. Department of Justice released the signed Non-Prosecution Agreement (NPA) with Swiss Bank BSI SA. The agreement includes a $211m penalty, a thorough disclosure of BSI cross-border business for U.S. related accounts, disclosure of those individuals who structured, operated or supervised the cross-border business for U.S. related accounts, and how BSI attracted and serviced […]

Read More »

FBAR Penalties (2015): Taxpayer Willfulness & Required Records Exception

April 28, 2015  |   Posted by :   |   FATCA/FBAR,Tax Evasion   |   1 Comment

For US taxpayers with Foreign Bank Accounts valued over $10k, a Fincen Form 114 must be electronically filed by June 30 each year. The penalties for failure to file are both civil and criminal and may include: 1) Failure to Report Foreign Bank and Financial Accounts (Form 1040/Schedule B, Part III, 7 (a)) which may […]

Read More »

HSBC in the News from Argentina to France

April 15, 2015  |   Posted by :   |   Tax Evasion,Unreported Income   |   0 Comments

1. HSBC has specifically targeted Argentina In an interview with the Buenos Aires Herald, John Christensen, head of the Tax Justice Network, an international advocacy group formed by researchers and activists, said Argentina was one of the key countries targeted by HSBC to evade taxes through its Swiss branch. At the same time, he warned […]

Read More »

Ex-UBS Banker Schumacher Pleads Guilty in U.S. Tax Probe

April 07, 2015  |   Posted by :   |   Tax Evasion,Unreported Income   |   0 Comments

By Susannah Nesmith and David Voreacos, Bloomberg.com Former UBS AG executive Hansruedi Schumacher pleaded guilty to conspiracy to defraud the U.S. as part of the government’s prosecution of financial industry officials who help Americans dodge taxes. Schumacher, 56, entered his plea Thursday in federal court in West Palm Beach, Florida. Schumacher, who also worked at […]

Read More »