In August 2009, France and Switzerland amended their tax treaty. The new treaty stated that the two countries would from now on exchange upon request all information necessary for tax enforcement, including bank information otherwise protected by Swiss bank secrecy laws. In the following months, one of France’s richest persons...
Reuters Financial Blogger Felix Salmon today defended the decision by the United States to not prosecute individuals at HSBC for money laundering violations. Salmon writes: "But here’s the thing: you can’t jail a bank, or any corporation; a criminal indictment of a corporation is a...
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...