WASHINGTON -(Dow Jones)- Sen. Carl Levin (D., Mich.) said he will attempt to add sanctions for banks judged to be helping U.S. customers evade taxes to a small business bill now pending in the Senate.
ZURICH (Dow Jones) — A Swiss court Monday said it backed a U.S.-Swiss deal governing the handover of thousands of pages of confidential data on clients of UBS AG (UBS) to U.S. tax officials as “binding,” rejecting an appeal by a client of the Swiss bank in a test case.
WASHINGTON (Reuters) – A U.S. grand jury indicted on Thursday a Swiss lawyer accused of aiding a man identified as having an account at London-based HSBC Holdings Plc (HSBA.L) evade taxes, the latest in a widening probe into foreign banks that might have helped U.S. clients avoid paying tax.
WASHINGTON – The former ABN AMRO Bank N.V., now named the Royal Bank of Scotland N.V., has agreed to forfeit $500 million to the United States in connection with a conspiracy to defraud the United States, to violate the International Emergency Economic Powers Act (IEEPA) and to violate the Trading with the Enemy Act (TWEA), as well as a violation of the Bank Secrecy Act (BSA), announced Assistant Attorney General Lanny A. Breuer of the Criminal Division and U.S. Attorney Ronald C. Machen Jr., for the District of Columbia.
WASHINGTON – The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today designated Colombian money launderers Maria Mercedes Jimenez Urrego and Jorge Enrique Jimenez Urrego as drug kingpins due to their significant roles in international narcotics trafficking on behalf of drug trafficking organizations, including the Fuerzas Armadas Revolucionarias de Colombia (FARC). OFAC also today named 17 other individuals and 12 entities as Specially Designated Narcotics Traffickers (SDNTs). Today’s action, OFAC’s 13th against the FARC and its support networks, was taken pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act), which prohibits U.S. persons from conducting financial or commercial transactions with these individuals and entities, and freezes any assets the designees may have under U.S. jurisdiction.
MIAMI, May 3 (Reuters) – A former private banker at Julius Baer (BAER.VX), who alleges the Swiss bank knowingly helped rich clients dodge taxes, said on Monday that U.S. clients have long paid a premium for Swiss firms’ tax advantages.
U.S. DOJ–A federal court in Jackson, Miss., has ruled in favor of the United States involving a businessman’s attempt to use a KPMG- marketed tax shelter to avoid paying income tax on approximately $18 million in capital gains. According to the opinion, in 2001, J. Kelley Williams of Jackson became aware that he would have $18 million in capital gains from one of his investments. His KPMG accountant suggested that he use a marketed tax shelter strategy by the name of “Family Office Customized” or “FOCUS” to avoid paying tax on that gain. The tax shelter involved a series of preplanned steps using foreign currency straddles and a three-tiered partnership structure to create sham losses.
JAKARTA (AFP) — Indonesia has succeeded in dismantling a major new Al-Qaeda-style terrorist network but corruption and complacency threaten to unravel its gains against home grown extremists, a think tank said Tuesday.
(Reuters) – Over the past year, the number of countries on an Organization for Economic Cooperation and Development “gray list” of tax havens that have not fully implemented internationally agreed upon tax standards has dropped to 17 from more than 40.
ZURICH (Reuters)- After the collapse of Lehman Brothers in September 2008, Switzerland’s largest bank was teetering. UBS, which was more than three times bigger than Lehman in terms of assets, had to write down some $50 billion during that tumultuous period.
March 26 (Bloomberg) — African nations lost $854 billion in illegally transferred funds over the past four decades, at least double the official development assistance given to the continent, according to a report released today.
Innospec Inc., a Delaware corporation, pleaded guilty today to defrauding the United Nations (UN), to violating the Foreign Corrupt Practices Act (FCPA) and to violating the U.S. embargo against Cuba, announced Assistant Attorney General Lanny A. Breuer of the Criminal Division; Director Adam Szubin of the Department of the Treasury’s Office of Foreign Assets Control (OFAC); Assistant Director in Charge Shawn Henry of the FBI’s Washington Field Office; and Robert Khuzami, Director of the U.S. Securities and Exchange Commission’s (SEC) Division of Enforcement
Half of the world's trade passes through tax havens. Right now, they are hiding billions ...
This video shows a discussion about beneficial ownership from the Task Force 2011 Conference in ...
Part 3 of 3. James K. Boyce and Léonce Ndikumana discuss the debt problem in ...
MEXICO CITY / WASHINGTON, DC – Crime, corruption and tax evasion cost the Mexican economy ...
January 29, 2012
January 26, 2012
Christian Aid welcomes Ed Miliband’s determination to tackle the tax havens which are harming UK ...
January 16, 2012
A response to Ben Heinman's article on corruption in The Atlantic.
February 3, 2012
This week, the lawyers of Teodoro Nguema Obiang, the son of Equatorial Guinea’s longtime President, ...
February 3, 2012
The Task Force on Financial Integrity & Economic Development
1319 18th Street, NW Suite 200 Washington, DC 20036
Email: info@financialtaskforce.org
Telephone: +1 (202) 293-0740 | Fax: +1 (202) 293-1720
© 2009-2012 Task Force on Financial Integrity & Economic Development
Some rights reserved. 
