US and France Agree to Combat Offshore Tax Evasion

The United States and France have signed an intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA). Enacted in 2010, FATCA aims to curtail offshore tax evasion by facilitating the exchange of tax information. With the agreement with France, 10 FATCA IGAs have been...

Corruption, Crime, and Tax Evasion Drained US$946.7 Billion from Developing Countries, Study Finds

Corruption, crime, and tax evasion drained US$946.7 billion from the developing world in 2011, up more than 13.7 percent from 2010—when illicit financial outflows totaled US$832.4 billion – a new study has found. The findings—which peg cumulative illicit financial outflows from developing...

How Many Swiss Banks Will Meet Upcoming Deadline to Participate in Justice Department’s Tax Amnesty Program?

New Year’s Eve Day is the deadline for Swiss Banks to notify the U.S. Justice Department that they are seeking non-prosecution agreements to resolve past cross-border criminal tax under the Program for Non-Prosecution Agreements or Non-Target Letters for Swiss Banks. The program was announced several...

#10 in Financial Fraud Law for the Year Is….

So many topics, so many people, so many issues, so many laws, so many rules, so many cases. Is it at all possible to choose the year’s Top 10 in Financial Fraud Law? Well, we here at the Financial Fraud Law Blog are going to make the effort, and we welcome your feedback and comments. Without any...

#9 in Financial Fraud Law for The Year Is…

It was not all that difficult to begin our countdown of the Top 10 in Financial Fraud Law for the year with overseas bank accounts . So, we here at the Financial Fraud Law Blog thought, after we made that decision, that at least the next few “winners” would be rather straightforward choices...

Former Social Security Administrator Sentenced to Federal Prison for Aggravated Identity Theft, Unauthorized Sale of Stock Certificates, and Tax Evasion

Randolph Hurst, a former assistant district manager for the Social Security Administration in Rhode Island, has been sentenced to 39 months in federal prison for stealing the identity of a Coventry, Rhode Island, man and using his identity to fraudulently sell more than $160,000 worth of stock certificates...

Wealthy Americans Cheated the IRS with Credit Suisse's Help, Senate Tax Evasion Report Says

A bipartisan staff report entitled, “Offshore Tax Evasion: The Effort to Collect Unpaid Taxes on Billions in Hidden Offshore Accounts,” issued by the U.S. Senate’s Permanent Subcommittee on Investigations has found that, for years, Credit Suisse “employed banking practices that...