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Archive by Month: February 2016

The Crackdown Continues: More Offshore Banks Being Targeted in Israel, Singapore

Offshore Account Update

Posted on February 26, 2016

Banking privacy used to be revered in Switzerland, but the U.S. crackdown on Swiss banks has prompted more than 106 Swiss financial institutions to turn over detailed information on account holders and financial transactions. These financial institutions have been participating in the Swiss Bank Program, which allows amnesty from criminal prosecution for banks that voluntarily come forward. Since 2013, the U.S. Justice Department has been making deals, collecting penalties, and using information provided by financial institutions to pursue investors who didn't declare their offshore accounts.

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Two Banks Decide to Provide Account Information as Part of the Swiss Bank Program

Offshore Account Update

Posted on February 12, 2016

The Swiss Bank Program was created to encourage offshore financial institutions to come forward, voluntarily report how they aided in tax evasion, and provide information to U.S. authorities about both accountholders with undeclared funds, as well as other financial institutions that engaged in transactions with these accountholders.  The banks that take advantage of the Swiss Bank Program pay penalties and give up enough details on accountholders to be actionable, as well as agree to cooperate with treaty requests for information. In exchange for doing all of this, the banks can enter into non-prosecution agreements and avoid facing criminal charges.

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