"Switzerland's reputation of bank secrecy is to a large extent misleading, " writes John M.
Liechtenstein, which makes its living on bank secrecy, has a warrant out for the informer's arrest.
The IRS is conducting Anti-Money Laundering examinations with experienced Bank Secrecy Act Fraud investigators.
FORBES: The IRS Targets Jewelers for Compliance with Anti-Money Laundering Rules
One reason for their attraction Lebanese bank secrecy laws are even stricter than Switzerland's.
It remains to be see just how much Switzerland, with its famous bank secrecy laws, will cooperate.
Swiss law entrenched bank secrecy in 1934, making it a criminal offence to reveal a client's identity.
The deal was reached last year, but many Swiss politicians maintain it undermines Switzerland's reputation for bank secrecy.
Part of the explanation may be the peculiar Swiss attitude to bank secrecy.
In addition to all of the requested documentation, the IRS Bank Secrecy Act fraud specialist is also requiring in-person interviews.
FORBES: The IRS Targets Jewelers for Compliance with Anti-Money Laundering Rules
The Bank Secrecy Act fraud specialist is tasked with compliance with the Bank Secrecy Act and the anti-money laundering rules.
FORBES: The IRS Targets Jewelers for Compliance with Anti-Money Laundering Rules
The Bank Secrecy Act and the Internal Revenue Code both require reporting by United States persons concerning their foreign financial accounts.
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In the latter referral, the Bank Secrecy Act fraud agent would be the referring and supporting agent in the criminal tax investigation.
FORBES: The IRS Targets Jewelers for Compliance with Anti-Money Laundering Rules
EU. Luxembourg's role of honest broker is enhanced by the fact that it has few national interests, save for bank secrecy, to protect.
For years, many Americans have used the bank secrecy laws of countries such as Switzerland or Liechtenstein to avoid paying taxes on foreign investments.
The landscape of tax avoidance and bank secrecy in offshore tax havens changed due to individuals who blew the whistle on private offshore banking practices.
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"Under the cease and desist order, Standard Chartered must improve its program for compliance with US economic sanctions, Bank Secrecy Act, and anti-money-laundering requirements, " the Fed said.
However, the Swiss take bank secrecy, personal and financial privacy, very seriously indeed and receiving, let alone buying, stolen bank information is certainly a crime in Switzerland.
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Moreover, the Firm failed to establish and implement controls reasonably designed to achieve compliance with the Bank Secrecy Act, in violation of NASD Rule 3011(b) and FINRA Rule 3310(b).
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The Ninth Circuit applied these criteria to the subpoena and the Bank Secrecy Act regulations at issue and determined (though some questionable reasoning) that the required records doctrine applied.
Yet a number of what might be called realists at smaller Swiss private banks aren't convinced Swiss pols will stick up for the nation's bank secrecy and traditions this time.
Since they are a self-declared seller of prepaid access (MSB code 413), they now must comply with a litany of Bank Secrecy Act requirements, including Suspicious Activity Reporting.
This scenario is likely to happen more and more as onerous Bank Secrecy and USA Patriot Acts make it increasingly difficult for financial institutions to be in full compliance with anti-money laundering regulations.
But tracking the flow of money goes all around the world, goes through countries that have very tight bank secrecy laws, and a lot of it goes through informal networks, which leave no paper trails.
They are now insisting that they will only agree to the plan if the EU also forces other tax havens in Europe - like Monaco, Liechtenstein, and Switzerland - to also amend their bank secrecy laws.
Just a coincidence, we're sure, but ever since Switzerland got bashed for its bank secrecy this summer, it has been trying to convince the world--or at least the media--that it's more than just an Alpine tax haven.
The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering.
"Bank secrecy laws and practices are serving as a cloak, not only for client misconduct, but also for misconduct by banks colluding with clients to evade taxes, dodge creditors and defy court orders, " says the report by the Senate Permanent Subcommittee on Investigations.
Additionally, the Bank Secrecy Act fraud specialist has the power to make a referral to FinCen for Title 31 violations, the IRS civil division for violations of the federal tax laws, as well as the power to make referrals to the IRS Criminal Division.
FORBES: The IRS Targets Jewelers for Compliance with Anti-Money Laundering Rules
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