Featured Tax Evasion

Deja vu: UBS tax case dredges up Swiss bank nightmares

A Swiss court will decide within weeks whether UBS must hand over historical client data to French tax authorities, a ruling that could open the door to fresh financial claims against Switzerland’s banks. Although Switzerland exchanges bank account data on current clients with dozens of countries to crack down on… Read More

Look to ‘Sales Side’ Prosecutions for Real AML Change: Ex-U.S. Investigator

Recent headlines pointing to suspected money laundering networks and tax fraud schemes operating within European banks should startle compliance professionals, according to KYC360.com contributor and bestselling author Robert Mazur. While the ongoing investigations of Danske Bank, Swedbank, UBS and other institutions echo similar financial crime scandals of the past decade, the… Read More

UAE on EU tax blacklist because of poor communication, UAE banker says

The European Union’s decision to include the United Arab Emirates on its blacklist of tax havens was caused by “lack of communication” between the EU and the UAE government, the head of the UAE Banks Federation said. European Union governments updated a blacklist of tax havens this week, adding the… Read More
14th March 2019
The European Union has published its updated list of non-cooperative jurisdictions for tax purposes, dubbed the tax haven blacklist, adding ten jurisdictions to the existing five states. The new additions include Bermuda and the UAE. “Those jurisdictions did not implement the commitments they had made to the EU by… Read More
11th March 2019
The global nature of trade brings with it huge compliance risks, exposing businesses to a wide array of rules and regulations requiring them to mitigate their exposure to money laundering and other financial crimes. One of the biggest risks that businesses face is employing third parties, be they suppliers, agents,… Read More
8th March 2019
AP—Former Trump campaign chairman Paul Manafort has been sentenced to 47 months in prison for tax and bank fraud related to his work advising Ukrainian politicians. Judge T.S. Ellis III imposed the sentence Thursday, capping the only jury trial following indictments stemming from special counsel Robert Mueller’s investigation. A… Read More
7th March 2019
AP—Former South Korean President Lee Myung-bak was released from detention Wednesday after a court approved 1 billion won ($885,000) bail nearly a year after his arrest and during the ongoing appeal of his corruption conviction and sentence. An official from the Seoul High Court said Lee was permitted to… Read More
6th March 2019
European Union states have added 10 jurisdictions to a draft tax haven blacklist, including the United Arab Emirates (UAE) and Bermuda, an EU official told Reuters on Tuesday, in a move that would triple the number of listed countries. The measure comes more than one year after the bloc decided… Read More
6th March 2019
AP—Spain and Britain have reached an agreement that sets out stricter rules for companies and citizens operating from Gibraltar, a British overseas territory which Spain considers a colony. As part of the deal, Gibraltar-based companies will be required to pay taxes in Spain if they conduct most of their… Read More
27th February 2019
The European Union should set up a police force to investigate tax evasion and financial crime and create a watchdog to counter money-laundering, EU lawmakers said in a report on Wednesday, which accuses seven member states of acting as tax havens. The report is the result of a year’s work… Read More
22nd February 2019
The French trial court on Wednesday found UBS AG and UBS (France) SA guilty of illicit solicitation and laundering the proceeds of tax fraud. It assessed a penalty of EUR 3.7 billion and EUR 15 million respectively and civil damages of EUR 800 million, or about 4.5 billion euros… Read More
15th February 2019
AP — A prominent New York City art dealer once accused by Alec Baldwin of fraud was sentenced to 2½ years in prison Thursday for evading over $3 million in federal taxes, a crime that left her rejected in some art circles and saying she feels… Read More
13th February 2019
Finance ministers from smaller European Union states on Tuesday opposed a plan to limit governments’ power to block EU reforms on tax matters, in a move that further reduces the chances of introducing an EU levy on large digital firms. EU countries with smaller populations have for years blocked efforts… Read More