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14 Nov 2017

OECD Launches Effective Inter-Agency Co-Operation in Fighting Tax Crimes and Other Financial Crimes

More than 200 global tax and economic crime experts have identified key areas for international action following the fifth OECD Forum on Tax and Crime, in London. In a week dominated by media coverage of offshore issues, the Forum brought experts on tax, customs, anti-corruption, anti-money laundering, policing, and prosecution together to agree priorities for action.

The Forum is the latest in a series of OECD-led events and an important opportunity for the international community to strengthen collaboration in tackling these global issues.

One comment | Tags: London, OECD, Tax Advisor, Tax Crime, William Byrnes

07 Nov 2017

Written by Clinton Donnelly | Posted in Donald Trump • Expatriate • FATCA • FATCA Prosecutions • FBAR • Foreign Entity • Foreign Income • Foreign Investments • Foreign Transactions • Form 8938 • Individual • International • Tax Fraud/Evasion/Crimes • Tax Penalties • United States

What Can We Learn From Paul Manafort’s Tax Problems?

What will the IRS do with Paul Manafort if the special prosecutor’s allegations are true? On October 30, 2017, the special prosecutor released an indictment against Paul Manafort, former campaign manager for President Trump, related to his actions as an unregistered agent of the Ukraine government. The prosecutors allege that Manafort had opened 16 foreign companies and conspired to money launder over $18 million of payment through these companies.

4 comments | Tags: Clinton Donnelly, FATCA, Fraud, money laundering, Paul Manafort, Tax Advisor

03 Nov 2017

Written by William Byrnes | Posted in FBAR • Foreign Investments • Tax Fraud/Evasion/Crimes

Green Card Holder Pleads Guilty of Failing to File FBAR and Report UBS Account, Will Pay More than Half the Assets in FBAR and Tax Penalties

A Greenwich, Connecticut man pleaded guilty October 26, 2017, to failing to report funds he maintained in foreign bank accounts to the Department of Treasury, announced Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division, U.S. Attorney Dana J. Boente for the Eastern District of Virginia, and Chief Don Fort, IRS Criminal Investigation.

No comments | Tags: Connecticut, Criminal Investigation, FBAR, IRS, penalties, Tax Advisor, William Byrnes

18 Aug 2017

Written by William Byrnes | Posted in Tax Fraud/Evasion/Crimes

U.S. Attorney & Swiss Firm To Resolve Tax Investigation

Prime Partners SA Will Pay $5 Million in Forfeiture and Restitution; Receives Non-Prosecution Agreement As a Result of its Extraordinary Cooperation

Joon H. Kim, the Acting United States Attorney for the Southern District of New York, Stuart M. Goldberg, Acting Deputy Assistant Attorney General of the Justice Department’s Tax Division, and James D. Robnett, Special Agent in Charge of the Internal Revenue Service, Criminal Investigation (“IRS-CI”), announced today that Prime Partners SA (“Prime Partners”) entered into a non-prosecution agreement (“NPA”) with the U.S. Attorney’s Office and agreed to pay $5 million to the United States for assisting U.S. taxpayer-clients in opening and maintaining undeclared foreign bank accounts from 2001 through 2010. Read more

No comments | Tags: Criminal Tax Investigation, foreign bank accounts, IRS, Prime Partners

15 Aug 2017

Written by William Byrnes | Posted in Tax Fraud/Evasion/Crimes

PHH Pays Millions For False Claims Act Liability

PHH Corp. PHH Mortgage Corp. and PHH Home Loans (collectively, PHH) have agreed to pay the United States $74,453,802 to resolve allegations that they violated the False Claims Act by knowingly originating and underwriting mortgage loans insured by the U.S. Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA), guaranteed by the United States Department of Veterans Affairs (VA), and purchased by the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) that did not meet applicable requirements, the Justice Department announced today. PHH is headquartered in Mount Laurel, New Jersey, and PHH Home Loans operates in Edina, Minnesota. PHH has agreed to pay $65 million to resolve the FHA allegations and $9.45 million to resolve the VA and FHFA allegations. Read more

No comments | Tags: False Claims Act, PHH

10 Aug 2017

Written by William Byrnes | Posted in Tax Fraud/Evasion/Crimes

E-Commerce Company Pleads Guilty to Price-Fixing Conspiracy

Conspiracy Was Conducted Through Social Media and Encrypted Messaging Applications

An e-commerce company and its top executive have agreed to plead guilty to conspiring to fix prices for customized promotional products sold online to customers in the United States. Zaappaaz Inc. (d/b/a WB Promotions Inc., Wrist-Band.com and Customlanyard.net) and its president Azim Makanojiya agreed to plead guilty to a one-count criminal violation of the Sherman Act. Read more

No comments | Tags: Price-Fixing Conspiracy, Zaappaaz Inc

27 Jul 2017

Written by William Byrnes | Posted in Tax Fraud/Evasion/Crimes

Former Banker Pleads Guilty For Conspiring To Defraud The US

A citizen and resident of Switzerland pleaded guilty today to conspiring to defraud the United States in connection with her work as the head of a team of bankers for Credit Suisse AG, announced Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and U.S. Attorney Dana J. Boente for the Eastern District of Virginia. Read more

One comment | Tags: Banker, Credit Suisse, Defraud

25 Jul 2017

Written by William Byrnes | Posted in Tax Fraud/Evasion/Crimes

Canadian Man Pleads Guilty to Conspiring to Defraud U.S.

A Canadian man pleaded guilty today in Rochester, New York to conspiring to defraud the United States and stealing government funds, announced Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and Acting U.S. Attorney James P. Kennedy Jr. for the Western District of New York. Read more

No comments | Tags: Canada, Defraud, Fake Tax Refunds, IRS, Tax Court

08 Dec 2016

Written by William Byrnes | Posted in International • Tax Fraud/Evasion/Crimes • United States

Money Laundering Evaluation Of The United States

The United States has a well-developed and robust anti-money laundering and counter-terrorist financing (AML/CFT) regime through which it is effectively investigating and prosecuting money laundering and terrorist financing. However, the system has serious gaps that impede timely access to beneficial ownership information.

No comments | Tags: AML/CFT, anti-money laundering, Asia/Pacific Group on Money Laundering, Assessment, counter-terrorist financing, fatf

08 Dec 2016

Written by Barry Fowler | Posted in IRS • Tax Fraud/Evasion/Crimes

Some Good News Taxpayers Can Be Thankful For This Holiday Season

Over the past several years, taxpayers—and I mean all taxpayers, from the lowest socio-economic level to the highest—have been victimized or at least contacted by scam artists posing as IRS agents.

One comment | Tags: avoiding scams, holidays, Office of Professional Responsibility, taxpayers

21 Nov 2016

Written by William Byrnes | Posted in Europe • International • Tax Fraud/Evasion/Crimes

Interlinked System Of Beneficial Ownership Registers Coming Soon – Fighting Against Tax Crimes

The European Commission expects to have in place by next year an interconnected, pan-European system of beneficial ownership registers, as part of the fight against money laundering and tax evasion, the European Commissioner, Věra Jourová, tells MEPs of the Inquiry committee into the Panama Papers scandal.

No comments | Tags: beneficial ownership, European banks, european commission, protection from tax crimes

09 Nov 2016

Written by John Richardson | Posted in FBAR • International • Tax Fraud/Evasion/Crimes

False Form 8854 Used As Part Of “Willful” FBAR Prosecution

The primary story is of a U.S. professor who pleaded guilty to an FBAR violation and was subjected to a 100 million FBAR penalty. Notably the “tax loss” was 10 million dollars and the FBAR penalty was 100 million dollars. It appears that Mr. FBAR is becoming an important tool in the arsenal used by the United States Treasury.

No comments | Tags: covered expatriate, false Form 8854, horsky

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