Due Diligence
Posts Tagged HSBC tax evasion
Update on HSBC Tax Evasion Post – France Provided 24,000 Names To IRS
Posted by admin in Tax, White Collar Criminal on May 19, 2013
Just 10 days ago we wrote about Herve Falciani, a French and Italian citizen wanted by Switzerland for allegedly stealing customer account information. Switzerland wants him to stand trial for theft. The Spanish government, however, says the information possessed by Falciani documents widespread money laundering and tax evasion by HSBC clients. Spain’s National Court ultimately [...]
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More Foreign Account Data Leaks – Bad News For Those With Unreported FBARs
by Brian Mahany In recent years, governments around the world have started a dangerous new trend; paying criminals for stolen foreign account data. Unreported offshore accounts are an important source of revenue for the IRS and other countries. While the IRS and US Justice Department prefer to indict and arrest lawyers, accountants and foreign bankers [...]
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Unreported Account or Hedge Fund in the Caymans? Not For Long! FBAR Post
by Brian Mahany It seems like every week we are reporting on another country that is poised to join FATCA. For those that don’t know, FATCA is short for the Foreign Account Tax Compliance Act. Passed by Congress several years ago, the act requires foreign financial institutions to identify and disclose the identities of account [...]
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HSBC Argentina Charged In Tax Fraud Case
by Brian Mahany HSBC always seems to be in the news these days. And it isn’t good news. Money laundering, helping Americans evade taxes and even helping narcoterrorists. Today’s news doesn’t come from Uncle Sam, however, it comes from AFIP, Argentina’s Revenue Service. The Argentines criminally charged HSBC Bank Argentina with evading taxes and money [...]
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Indian Business Man Prosecuted For Unreported HSBC India Account (FBAR Post)
Posted by admin in Tax, White Collar Criminal on March 3, 2013
by Brian Mahany Although all the media attention on unreported foreign accounts appears to focused on Switzerland, the Justice Department and IRS continue to look worldwide for U.S. taxpayers with undeclared offshore accounts. According to a press release from the United States Attorney’s Office, Sameer Gupta pleaded guilty last week to one count of tax [...]
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Wegelin Redux – What’s In Store For Holders of Unreported Swiss Accounts
by Brian Mahany It’s a frigid 17 degrees in Minneapolis as I write this story. My weather app says its 38 degrees in St. Gallen, Switzerland (until recently the home of Wegelin bank), although Swiss bankers – and their U.S. customers – are the ones really feeling the chill today. The London based Financial Times [...]
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Milwaukee Physician Convicted Of Failing To Report Foreign Account
Posted by admin in Tax, White Collar Criminal on August 25, 2012
by Brian Mahany Dr. Arvind Ahuja was convicted this week on criminal charges of filing a false tax return and failing to report an offshore account. The charges stem from bank accounts opened by Dr. Ahuja at HSBC India and HSBC Jersey. Federal law makes it illegal to open a bank or brokerage account in [...]
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IRS Tightens OVDI (Tax Amnesty) Participation Rules
by Brian Mahany The IRS primarily operates on a “first contact” basis. Taxpayers who come forward to correct a problem before they are caught generally are treated better, pay less penalties and avoid criminal prosecution. The IRS’ stated mission is to foster voluntary compliance. That means not punishing those who come forward once a mistake [...]
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Feds Investigation Into HSBC Bad News For Those With Unreported Foreign Accounts
by Brian Mahany We have been sounding the warnings for many months about HSBC. The British banking giant – it is the 2nd largest bank in the world with almost 10,000 offices in 85 countries – has been under one sort of investigation or another in recent years. Accusations raised by the U.S. Attorney in [...]
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Have An Unreported Foreign Account At HSBC? Uncle Sam May Come Knocking!
by Brian Mahany HSBC is the world’s second largest bank. They claim 100 million customers in 7,500 offices in 87 countries. They also just reported to the SEC that they may be facing serious criminal and civil penalties. For several years, HSBC has been the subject of several investigations. Last year the IRS reportedly served [...]
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