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Archive by Month: July 2015

Bank Participates in DOJ Program

Offshore Account Update

Posted in on July 24, 2015

The Chief of the IRS Criminal Investigations Division was recently quoted as saying: “Fighting offshore tax evasion continues to be a top priority for IRS-CI and we will trace unreported funds anywhere in the world.”  The quote was in response to a March 2015 agreement reached between the United States Department of Justice and one of the 10 largest private banks in Switzerland.  The agreement was reached through the Swiss Bank Program started by the DOJ and announced on August 29, 2013. 

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Fines for Commerzbank AG

Offshore Account Update

Posted in on July 10, 2015

Following a recent settlement with Commerzbank AG in which the bank paid more than a billion dollars in penalties and fines, the Assistant Attorney General stated: “Financial institutions must heed this message:  banks that operate in the United States must comply with our laws, and banks that ignore the warnings of those charged with compliance will pay a very steep price.”

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