Facing billions of dollars in potential fines at the hands of U.S. authorities, Swiss banks are scrambling to convince their American clients to voluntarily disclose their accounts to the IRS. Long known for its secrecy, Switzerland’s banking industry has been turned upside down due to an ongoing U.S. onslaught against […]
Category: Offshore Accounts/International Tax Disputes
As the Department of Justice continues its efforts to prosecute individuals involved in offshore tax evasion, approximately two dozen indicted Swiss bankers remain fugitives in Switzerland. Although the United States and Switzerland have an extradition treaty, Switzerland will not extradite individuals accused of tax crimes. While these individuals are free […]
A former Swiss banking executive has pleaded guilty in a Florida court to charges of helping U.S. clients evade taxes. Hansruedi Schumacher, who cooperated with the U.S. government and testified in another prominent offshore prosecution, will face sentencing later this year. Schumacher, 56, was the Regional Market Manager for UBS’s […]
The Foreign Account Tax Compliance Act (FATCA), a U.S. law passed in 2010 that requires foreign financial institutions to exchange information with the IRS about American account holders, is set to face challenges in both the courts and in Congress. Since 2012, the Treasury Department has negotiated Intergovernmental Agreements with […]
By Brown, PC of Brown, PC posted in Offshore Accounts/International Tax Disputes on Thursday, March 26, 2015. Last summer, the IRS announced sweeping changes to its ongoing offshore compliance initiatives. The biggest change was the announcement of new Streamlined Compliance Procedures. Under these procedures, eligible taxpayers who resided in the […]
Prior to his death in 1980, Maurice Pinot opened a Swiss account with approximately $1 million, which would pay interest and dividends to his longtime companion, and after her death, to her daughter. That daughter, Micheline Fournie, an 81 year old French citizen with U.S. residency, is now resisting pressure […]
The owner of Le Perigord, a popular French restaurant in Midtown Manhattan, has pleaded guilty to obstruction charges stemming from undeclared Swiss bank accounts he held from 1992 to 2011. Georges Briguet, 77, grew up on his family’s vineyard in Switzerland. In 1960, he moved to New York and opened […]
UBS has confirmed that it is again being investigated by U.S. regulators for helping wealthy Americans evade taxes, this time involving the sale of “bearer bonds” that allow investors to transfer ownership anonymously. Bearer bonds, which are generally illegal in the United States, are still common in Europe and have […]
U.S. authorities may revisit a 2012 deferred prosecution agreement with HSBC due to new allegations that the bank helped wealthy individuals hide money and evade taxes. Over the weekend, an international group of media outlets reported on a massive cache of files showing how HSBC’s Swiss arm helped wealthy clients […]
A former Swiss banker who was indicted in the United States three years ago has been arrested in Germany and is expected to be extradited to the United States. Roger Keller, a former client advisor at Wegelin & Co, was indicted in 2012 for helping Americans hide more than $1.2 […]