Thursday, December 8, 2022

tax evasion

Credit Suisse to Pay $234M to Settle French Tax Fraud Probe

Credit Suisse (CSGN.S) agreed to pay France 238 million euros ($234 million) to settle a tax fraud and money laundering case on Monday, putting another legal headache behind it as it prepares a strategic overhaul. The agreement resolves an investigation...

Interpol issues arrest warrant for co-founder of Mexican airline Interjet on tax fraud charges

Interpol has at Mexico's request issued an international arrest warrant for Miguel Aleman, co-founder of budget airline Interjet, on criminal tax fraud charges, according to government sources and Mexican media. Last month, prosecutors issued a national arrest warrant for Aleman,...

Bermuda based Butterfield Bank agrees $5.6m fine for helping Americans evade U.S. taxes

The Bank of N.T. Butterfield & Son, based in Bermuda, has agreed to pay $5.6 million to resolve a criminal probe by U.S. authorities after admitting it helped hundreds of American clients evade taxes for more than a decade. Between 2001...

Italy probes Lombard International Assurance over allegations of tax evasion, money laundering

Milan prosecutors are investigating Lombard International Assurance (LIA), a Luxembourg-based insurer owned by U.S. fund Blackstone (BX.N), due to allegations of tax evasion and money laundering, two judicial sources said. Newspaper Sole 24 Ore had reported the investigation on Wednesday and...

Swiss Life agrees $77.4 million settlement in U.S. criminal tax evasion case

Swiss Life Holding AG (SLHN.S) agreed to pay $77.4 million and enter a deferred prosecution agreement to resolve a U.S. criminal case in which Switzerland's largest insurer was accused of helping wealthy American clients evade taxes. The three-year agreement announced on Friday...

Swiss Migros Bank pays $2.9m to settle charges it aided German clients to dodge taxes

Switzerland’s Migros Bank has agreed to pay German justice authorities around 2.4 million euros ($2.9 million) to settle allegations it allowed German clients in the past to hide assets from the taxman, the bank said on Monday. “The solution that...

Richest Americans hide more than 20% of their wealth from IRS

The richest Americans are hiding more than 20 percent of their earnings from the Internal Revenue Service, according to a comprehensive new estimate of tax evasion, with the top 1 percent of earners accounting for more than a third of...

French prosecutors seek $3.6 billion fine for UBS in tax case

French prosecutors and lawyers for the government said UBS Group AG should be ordered to pay 3 billion euros ($3.6 billion) -- 33% less than the original judgment -- for allegedly helping French clients hide money from the nation’s...

Swiss private bank Rahn+Bodmer to pay $22 million to settle tax evasion charge

Zurich private bank Rahn+Bodmer will pay $22 million to settle U.S. criminal charges it helped American taxpayers who were exiting accounts at UBS and other Swiss banks and hiding hundreds of millions of dollars in offshore accounts. The agreement is...

OpenLux: How tiny European country ‘Duchy’ attracted billionaires

Luxembourg is inconsequential to many, but an investigation dubbed "OpenLux" shows how this small and secretive European country has attracted more wealth than the GDP of Japan. Through favorable tax structures and opaque ownership registers, Luxembourg has attracted €4.5 trillion...

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HSBC Malta slapped with €82,000 fine by money laundering watchdog

The Financial Intelligence Analysis Unit (FIAU) has fined HSBC €82,000 for violating local anti-money-laundering laws. In an online notice, the...