Featured Tax Evasion

IRS Says ‘Dozens’ of New Crypto, Cybercriminals Are Identified

The IRS’s criminal division identified “dozens” of potential cryptocurrency tax evaders or cybercriminals after a meeting this week with tax authorities from four other countries. Officials from the U.S., U.K., Australia, Canada and the Netherlands — known as the Joint Chiefs of Global Tax Enforcement — shared data, tools and… Read More

HSBC Warned Twice by Bank of England on Conduct Risk Control

The Bank of England has warned HSBC Holdings Plc for two years in a row that it hasn’t done enough to tackle concerns about how the bank handles risks including financial crime and staff conduct. Samir Assaf, HSBC’s top investment banker, told executives on a conference call this week… Read More

NCA Cites Record Number of SAR Filings, Far Fewer Investigations

UK financial institutions and other firms filed a record number of suspicious activity reports (SARs) between April 2018 and March of this year, but only a third of the reports citing potential money laundering prompted criminal investigations. In an annual report published Tuesday, the National Crime Agency (NCA) said… Read More
8th November 2019
New York state tax officials are restoring a measure of secrecy for condo owners who buy units without disclosing their names publicly through limited-liability companies, in a reversal of a policy that drew fire from the real-estate industry. In September, the tax department stunned the real-estate industry by requiring that… Read More
8th November 2019
Recent commentary on AUSTRAC and the risk of money laundering, as well as high profile investigations into banks such as Westpac and money remitters like PayPal, has raised some important points around how Australia governs funds coming into and going out of the country. At a time when… Read More
7th November 2019
AP — Cyprus is to set in motion procedures to strip 26 foreign investors of citizenship, the country’s interior minister said Wednesday, amid questions over whether they should have been issued a Cypriot passport under a lucrative investment program. Constantinos Petrides said authorities will also investigate all investors… Read More
7th November 2019
Malta’s financial services sector is exposed to flows of funds from higher risk jurisdictions and customers, the Malta Financial Services Authority (MFSA) has indicated in a report. This is mainly due to the exposure to flows of funds from higher-risk jurisdictions and customers, Malta’s economic policy, as well as the… Read More
7th November 2019
Dutch officials really don’t like it when someone calls their country a tax haven. In 2009, the Obama administration did just that, naming the Netherlands as one of a number of countries where scores of major American firms had established subsidiaries in order to avoid paying U.S. taxes. In a… Read More
7th November 2019
The Latvian government on November 5 supported a Justice Ministry plan to establish a specialized economic affairs court that will start operating as of January 1, 2021. However, Interior Minister Sandis Ģirģens (KPV LV) spoke against the legislative amendments and minister also called for an audit of the judicial sector before… Read More
6th November 2019
Free trade zones (FTZs) present both opportunities and challenges for globalised trade. At their best, they facilitate frictionless trade and manufacturing, creating jobs and economic growth for local communities. At their worst, they enable illicit trade and the laundering of criminal proceeds. In this article, the authors examine how the… Read More
6th November 2019
Over five million suspicious cash deposits were reported up to September after Bank Negara Malaysia (BNM) lowered the daily cash threshold to RM25,000 starting this year, Datuk Nor Shamsiah Md Yunus said today. The cash transactions were valued at RM483 billion, the BNM governor said, saying it was still too… Read More
5th November 2019
UBS Group AG is set for a Paris retrial in June to fight its conviction and record 4.5 billion-euro ($5 billion) fine for helping wealthy French clients stash undeclared funds in offshore accounts. Judges at the Paris Court of Appeals said on Monday the UBS retrial will run… Read More
4th November 2019
The tax office has been “swamped” with 5.7 million pieces of information about overseas bank accounts held by three million British citizens under the terms of a new international treaty, according to tax experts. However, HM Revenue & Customs (HMRC) does not have enough staff to investigate the information, according… Read More