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Monthly Archives: January 2012

Swiss Bank Clariden Leu to Turn in Its U.S. Clients

 Switzerland's oldest private bank Clariden Leu has informed some of its U.S. clients that it has been ordered to turn over their names, and offshore bank account information to the IRS. Clariden Leu posted a notice on its website dated Nov. 29, 2011 to that effect. This is bad news for U.S. offshore account owners…
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Swiss deal with United States?

"We hope to conclude the negotiations in 2012," Eveline Widmer-Schlumpf journalists after talks with U.S. Treasury Secretary Timothy Geithner at the World Economic Forum. Widmer-Schlumpf said Switzerland was already discussing possible fines its banking industry will have to secure a global civil settlement with U.S. authorities. It is also trying to get the U.S. Department…
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White House Tax Plan Designed to Keep Companies in U.S.

A White House proposal that would require U.S. multinational corporations to pay a minimum tax on their overseas profits is designed to make the corporate system fairer and discourage companies from moving to lower-tax jurisdictions. The new tax would be designed to prevent other countries from attracting American businesses through low tax rates and the…
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Ex-bank employee fined $25,000 for SAR disclosure

On December 15, 2011, the Financial Crimes Enforcement Network (“FinCEN”) assessed a $25,000 civil money penalty against a bank employee for unlawfully revealing the existence of a Suspicious Activity Report (“SAR”) to the subject of the SAR (“CMP”). FinCEN determined that the bank employee violated the Bank Secrecy Act (BSA) and its implementing regulations by…
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