Jan 10 (Reuters) – Bank Leumi, the largest commercial bank
in Israel, has urged U.S. clients to disclose information about
their accounts to U.S. authorities, who are investigating Leumi
and many other foreign banks over possible tax avoidance by
In a Dec. 16 letter obtained by Reuters, Bank Leumi
le-Israel BM urged U.S. clients to enter
the Internal Revenue Service’s voluntary disclosure program,
part of a wide-ranging U.S. crackdown on offshore tax dodging.
(Reuters) – A 79-year-old Florida woman pleaded guilty on Tuesday to criminal charges of tax evasion through accounts at Swiss bank UBS AG, one of the largest such prosecutions in years.
Mary Estelle Curran pleaded guilty in United States District Court in West Palm Beach, Florida, to two charges of filing false tax returns that failed to report her UBS accounts from 2001 to 2007, court papers show.
Jan 4 (Reuters) – The U.S. government has raised the stakes
in its crackdown on Swiss banks through a hard-charging
prosecution that has forced the closing of a 272-year-old Swiss
firm for offering tax-evasion services to wealthy Americans.
Tax lawyers and former prosecutors said on Friday the
closing of Wegelin & Co, Switzerland’s oldest private bank,
served as a stark warning for some Swiss banks under
investigation, especially smaller firms such as Wegelin.
NEW YORK (Reuters) – Wegelin & Co, the oldest Swiss private bank, said Thursday it would shut its doors permanently after more than two and a half centuries following its guilty plea to charges of helping wealthy Americans evade taxes through secret accounts.
The plea, in U.S. District Court in Manhattan, marks the death knell for one of Switzerland’s most storied banks. It is also a potentially major turning point in the battle by U.S. authorities against Swiss bank secrecy.
NEW YORK (Reuters) – Wegelin & Co, the oldest Swiss private bank, pleaded guilty on Thursday to a criminal charge of conspiracy for helping wealthy Americans to evade taxes on at least $1.2 billion hidden in offshore bank accounts.
The plea came at a hearing before Judge Jed Rakoff in U.S. district court in Manhattan. Wegelin was the first foreign bank to be indicted by U.S. authorities in recent history. The indictment, announced last February, shook the storied world of Swiss banking.
NEW YORK, Jan 3 (Reuters) – Wegelin & Co, the oldest Swiss
private bank, pleaded guilty on Thursday to a criminal charge of
conspiracy for helping wealthy Americans to evade taxes on at
least $1.2 billion hidden in offshore bank accounts.
The plea came at a hearing before Judge Jed Rakoff in U.S.
district court in Manhattan. Wegelin was the first foreign bank
to be indicted by U.S. authorities in recent history. The
indictment, announced last February, shook the storied world of
(Reuters) – Some 150 developing countries, led by China, have been the source of flows of tainted money totaling $5.9 trillion over 10 years through 2010, Global Financial Integrity, a research and advocacy group in Washington, D.C., said on Monday.
Flows of illicit money from tax evasion, crime and corruption in the developing world have roared back to pre-financial crisis levels, topping nearly $859 billion in 2010, near the all-time high of $871 billion in 2008, it said.
(Reuters) – Bain Capital has been leading private equity firms in using a controversial financing strategy to generate low-tax special dividends for itself and its investors for nearly the last decade.
A Reuters analysis shows Boston-based Bain had done more “dividend recapitalization” loans from 2003 through last June than TPG Capital LP TPG.UL, Blackstone Group LP (BX.N: Quote, Profile, Research, Stock Buzz) and other rival private equity firms.
Nov 29 (Reuters) – Kroger Co said Thursday it won a
tax battle with the U.S. Internal Revenue Service, which has
dropped an effort to collect $567 million in disputed deductions
from the grocery giant.
The U.S. Ninth Circuit Court of Appeals earlier this month
dismissed the government’s claims against Kroger, the
Cincinnati-based company disclosed in a securities filing.
Fairfield, Connecticut (Reuters) – The devastating winds and catastrophic flooding of Superstorm Sandy may have subsided, but psychological distress from the disaster and its patchy recovery is likely to be growing, trauma experts say.
Those most vulnerable to long-term emotional fallout from the storm are people who lost loved ones or whose homes were destroyed. But the disruption to normal life could well affect millions of others, experts say.