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Category: Offshore Account Update - Page 30

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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CEO Sentenced to Four Months in Prison for Tax Evasion

Offshore Account Update

Posted in on June 26, 2015

U.S. citizens must report all income to the United States, even if that income is kept in accounts outside of the country. Anyone who has an offshore account is required to file an annual Foreign Bank Account Report (FBAR) to alert the treasury department to the fact that the account exists at a foreign bank.  If income is earned on offshore investments, taxes must be paid on it. 

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HSBC Leaked Documents Could Spur Further Crackdowns on Tax Evasion

Offshore Account Update, UBS / HSBC

Posted in on May 8, 2015

Authorities are already convinced of the need to aggressively go after investors who may be hiding money offshore in order to avoid full compliance with tax obligations.  Estimates indicate that around $7.6 trillion in wealth is held in offshore accounts, depriving governments worldwide of around $200 billion in unpaid income tax revenue. 

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UBS Under Investigation Again

Offshore Account Update, UBS / HSBC

Posted in on April 24, 2015

UBS Bank has been hit hard by federal investigators in recent years. In 2009, the offshore bank settled claims of helping clients to evade IRS tax obligations, paying a penalty of $780 million.  The bank is now being investigated again, this time for allegedly marketing illegal investments to U.S. investors who wanted to hide the income they were earning from the Internal Revenue Service. 

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Higher Penalties for Bad Banks

Offshore Account Update

Posted in on April 10, 2015

If you have not filed your FBARs (Report of Foreign bank and Financial Accounts) and IRS Form 8938 for all of your offshore accounts each year, you could face criminal and civil penalties if the IRS finds out. The IRS is cracking down on banks, and financial institutions are turning over accountholder names, so there is a good chance you will be identified if you haven’t disclosed offshore investments. 

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