1. Are Virtual Currencies The Next Offshore Bank Account for Tax Evaders?
Unfortunately for would-be tax cheats, IRS Criminal Investigation has committed a team of IRS Special Agents to master Bitcoin and other virtual currencies. The IRS knows that to use Bitcoins, one needs a virtual wallet along with private keys and public addresses. Unknown to many Bitcoin users is the fact that every Bitcoin transaction is included in a ledger called a block chain.
2. Swiss Bank UBS Could Face a Record-Breaking Tax-Evasion Fine
When the U.S. fined Credit Suisse Group $2.6 billion in May, the Justice Department said it was the biggest penalty ever in a criminal tax-evasion case. That record could soon be shattered. France could impose a fine of €4.9 billion ($6.2 billion) on another Swiss bank, UBS, for allegedly helping its French clients hide money in offshore accounts.
3. Caribbean-Based Investment Advisor and Attorney Sentenced for Using Offshore Accounts to Launder and Conceal Funds
Eric St-Cyr, an investment advisor, and Patrick Poulin, an attorney, were sentenced today to serve 14 months in prison and three years of supervised release each for conspiring to launder monetary instruments, the Justice Department and Internal Revenue Service (IRS) announced.