Tax Evasion | The FCPA Blog

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Posts Tagged: Tax Evasion

‘Day of enforcement’ targets global tax evaders and money launderers

Selva Ozelli January 31, 2020

A globally coordinated day of enforcement action — involving sharing of evidence and intelligence, and information collection activities such as search warrants, interviews and subpoenas — against suspected offshore tax evasion orchestrated by a Central American financial institution was undertaken last week by the Joint Chiefs of Global Tax Enforcement (J5) from the United Kingdom, United States, Canada, Australia and the Netherlands.… Continue Reading

Selva Ozelli: Global regulators join forces to combat crypto crimes

Selva Ozelli July 9, 2018

Financial regulators are beginning to work together to counter what they perceive as cross-border threats posed by blockchain — including money laundering, terrorist financing, fraud, tax avoidance, and evasion of capital controls.… Continue Reading

Martin Kenney: EU Bully-Boys Draft Their Own ‘Santa’s Naughty List’

Martin Kenney December 13, 2017

Hard on the heels of the publication of the Paradise Papers and its predecessor the Panama Papers, comes the European Union’s unveiling of its list of non-cooperative tax jurisdictions. The member states have joined forces to compile a list of states that they consider to be “rogue” when it comes to the issue of taxation.… Continue Reading

New UK law: Liability for ‘profiting from’ gross human rights abuses

Richard J. Rogers and Sasho Todorov September 4, 2017

The UK’s Criminal Finances Act, a new law that expands remedies for UK prosecutors to use against gross human rights abuses, also targets activity “connected to” gross human rights abuses.

Activity “connected to” gross human rights abuses includes: directing or sponsoring, profiting from, materially assisting, or acting as an agent in connection with, the commission of gross human rights abuses.… Continue Reading

Compliance Alert: New UK law criminalizes corporate apathy toward tax evasion

Nick Henderson August 17, 2017

Ever since the Panama Papers exposed the underground nexus of global tax evasion, regulators have been trying to figure out how to get ahead of it. In the UK, the Criminal Finances Act was passed in late April 2017.… Continue Reading

Jermyn Brooks: Here’s how corporate tax planning morphs into corruption

Jermyn Brooks August 10, 2017

When corporations try to pay the least amount of tax possible, their defense is usually based on delivering shareholder value. What company shouldn’t seek the lowest tax bill possible? But the line between tax avoidance — using legal means to lower tax bills — and criminal tax evasion is blurry.… Continue Reading

Martin Kenney: Put your own tax havens in order, America

Martin Kenney April 5, 2017

The United States champions itself as a nation policing the rest of the world, preventing money laundering, tax evasion and foreign corrupt practices. Yet there is hypocrisy afoot.

When news of the Panama Papers scandal broke, my place of residence — the British Virgin Islands (BVI) — came under extreme pressure and scrutiny.… Continue Reading

Singapore private bankers and clients sweat loss of secrecy

Richard L. Cassin August 20, 2015

Singapore will start automatically sharing information with foreign tax authorities from 2018 to comply with a 51-country agreement to fight tax evasion.

“Clients are worried and asking about this, (while) accounting and legal firms are pitching to help clients structure their transactions,” a Singapore banker told Reuters.… Continue Reading

SocGen Private Bank (Switzerland) pays $17 million penalty for hiding U.S. taxpayer accounts

Richard L. Cassin June 12, 2015

The DOJ said this week that Société Générale Private Banking Suisse and another bank, Berner Kantonalbank AG, reached resolutions under the DOJ’s Swiss Bank Program.

SocGen will pay a $17.8 million penalty and Berner Kantonalbank will pay $4.6 million, the DOJ said. … Continue Reading

We’re serious: It’s an exciting time for tax enforcement

Jessica Tillipman and Vanessa Ognuti May 13, 2015

Admittedly, we’re surprised to write that headline several weeks after “tax day” in the United States. However, a common theme emerged during a recent World Bank Group program on tax evasion: there’s currently an unprecedented level of enthusiasm, political will and momentum in support of combating global tax evasion and avoidance. … Continue Reading

Credit Suisse saga: Federal Reserve bars fugitive private bankers

Richard L. Cassin May 12, 2015

The Federal Reserve Board said Monday it barred five former private bankers and senior managers of Credit Suisse AG from working in the banking industry.

The five individuals are Markus Walder, Marco Parenti Adami, Susanne Ruegg Meier, Michele Bergantino, and Roger Schaerer.… Continue Reading

France imposes €1 billion bail on HSBC for criminal tax probe

Richard L. Cassin April 10, 2015

HSBC said in a statement Thursday that French magistrates ordered a formal criminal investigation (“mise en examen”) into HSBC’s Swiss Private Bank for alleged tax-related offenses.

The statement said bail of €1 billion ($1.075 billion) was imposed.… Continue Reading