Aligning FATCA with the AML compliance regime

Tweet It has been noted by US officials that the Foreign Account Tax Compliance Act (“FATCA“), 26 USC Ch. 4, is not only one of the most significant pieces of US legislation for financial institutions, asset managers and foreign residents, it is also one of the most legally complex and technical that “will spawn significant enforcement activity […]

As nations use money laundering laws to tackle tax fraud, cross-border cooperation is key

Tweet         Our interview (podcast) with the Association of Certified Crime Specialists regarding the criminal investigation into  Brazilian soccer coach Luiz Scolari by Portuguese authorities for money laundering arising from tax fraud. “The head coach of Brazil’s national soccer team has one more thing to worry about before the World Cup held […]

Financial services firms and institutions expect 40% increase in regulatory compliance for FATCA and anti-money laundering

Tweet According to a 2013 Financial Crime survey, 2014 is expected to be an expensive one for regulatory compliance , with more than 20% more being spent for each of anti-money laundering compliance and compliance  with the U.S. Foreign Account Tax Compliance Act (“FATCA“), for a total of a 40% increase. Cybersecurity The financial crime […]

Swiss and US enter into anti-tax evasion agreement with wide-reaching prosecution implications for Americans, foreigners, advisors and entities with which they are affiliated

Tweet Anti-Tax Evasion Agreement The U.S. Department of Justice (“DOJ“) and the Swiss Federal Department of Finance have entered into an agreement that essentially ends Swiss bank secrecy and the renown of Switzerland as a tax haven (the “Agreement“). The Agreement: Applies not just to American taxpayers but also to foreigners and foreign entities who maintain Swiss […]