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4/01/2009
Multinationals Face Tax Fraud, Money Laundering Investigation
3/18/2009
Luxembourg, Austria, The Swiss All Fall in Line With OECD Standards on Tax Evasion
Some Folks Just Don't Want Their Bank Records Released to Uncle Sam
UBS On the Clock to Release Names, Lots and Lots of Names
Settlement Talks Afoot for UBS
Raul Weil Still a Fugitive
UBS to Divest Itself of Secret, Tax Dodging Accounts
Liechtenstein to Loosen Up on Bank Secrecy (Sort Of)
CEO Suicide at Julius Baer?
Menachem Lifshitz Comes Clean on Tax Bill
Speaking of UBS...
UBS Coughing Up Names to U.S. Authorities 9/14/2008
Liechtenstein and Germany Get Downright Catty Over Tax Evasion Scandal
Agitating Over In-Action From Canadian Government on Exposed Tax Cheats
Banky Panky
Michael Miskin - Another Noted Name From Henrich Kieber's List 8/05/2008
Scrutiny on Tax Evasion Leads to Resignation of UBS Banking Exec
State of New York Files Suit Against UBS
Recapping Last Weeks Private Banking Congressional Hearings
First of Many German Tax Evasion Trials Ends With Suspended Sentence, Major Fine
Multinationals Face Tax Fraud, Money Laundering Investigation
Naughty naughty... Michelin, Adidas and French oil company, Total are suspected of making use of Liechtenstein's noted tax haven status. French authorities are expected to commence a probe into these matters in the coming weeks, spinning out of their ongoing investigation into 60 other some-odd firms.
All three firms have previously denied having accounts with LGT, the Liechtenstein-based bank that has faced intense scrutiny since former employee, Heinrich Keiber turned whistleblower and spread the bank's business across law enforcement agencies of most of the world's developed countries.
More on the pending investigation right here.
And check out this piece from The Guardian on the changing regulatory scene in Liechtenstein.
-- MDT
All three firms have previously denied having accounts with LGT, the Liechtenstein-based bank that has faced intense scrutiny since former employee, Heinrich Keiber turned whistleblower and spread the bank's business across law enforcement agencies of most of the world's developed countries.
More on the pending investigation right here.
And check out this piece from The Guardian on the changing regulatory scene in Liechtenstein.
-- MDT
Labels: Adidas, Heinrich Kieber, Michelin, money laundering, tax evasion, Total
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Luxembourg, Austria, The Swiss All Fall in Line With OECD Standards on Tax Evasion
Perhaps a response to being on the OECD's draft blacklist of uncooperative tax havens? That is, after the Swiss got through whinging about being on the list in the first place.
None of these countries are quite prepared to rat on their own population, but foreigners should no longer count on the same discretion.
For its part the OECD doesn't plan on changing the makeup of their naughty list prior to the G20, no matter what kind of pledges they receive - I'm looking at you, Monaco.
As the G20 meeting gets closer (early April) they'll be plenty more pressure to go around and other traditional tax havens may also fall in line. But should they?
Some (ok, one guy from the Cato institute) says no.
-- MDT
2/25/2009
None of these countries are quite prepared to rat on their own population, but foreigners should no longer count on the same discretion.
For its part the OECD doesn't plan on changing the makeup of their naughty list prior to the G20, no matter what kind of pledges they receive - I'm looking at you, Monaco.
As the G20 meeting gets closer (early April) they'll be plenty more pressure to go around and other traditional tax havens may also fall in line. But should they?
Some (ok, one guy from the Cato institute) says no.
-- MDT
Labels: tax evasion, tax havens
Some Folks Just Don't Want Their Bank Records Released to Uncle Sam
And they're willing to sue their bank (UBS) to prevent it. Given that the case was filed in Zurich disclosing the names of the plaintiffs would be a criminal offense. Man, rich people know all the angles.
How will this effect UBS's planned disclosures to the U.S. Justice Department of 50,000+ potential high-dollar tax cheats? We shall see...
-- MDT
1/28/2009
How will this effect UBS's planned disclosures to the U.S. Justice Department of 50,000+ potential high-dollar tax cheats? We shall see...
-- MDT
Labels: tax evasion, tax havens, tax shelters, UBS
UBS On the Clock to Release Names, Lots and Lots of Names
It seems any prelude to a settlement will come with massive disclosures on the part of embattled bank, UBS. In addition to more than a billion dollars in financial penalties, UBS will be obligated to fork over "scores" of names of those the bank helped dodge the taxman via it's cross border services.
This would be in addition to the 300 or so names that have already been confirmed for authorities and against whom individual tax cases are expected to be filed in short order. As per yesterday's post, some sort of very expensive settlement / deferred prospecution deal is expected for UBS - so long as the play ball. Not good news to their loyal, if ethically challenged, customers.
-- MDT
1/27/2009
This would be in addition to the 300 or so names that have already been confirmed for authorities and against whom individual tax cases are expected to be filed in short order. As per yesterday's post, some sort of very expensive settlement / deferred prospecution deal is expected for UBS - so long as the play ball. Not good news to their loyal, if ethically challenged, customers.
-- MDT
Labels: tax evasion, UBS
Settlement Talks Afoot for UBS
Estimates of the amount of money UBS helped to hide from the U.S taxman keeps going up and as investigators follow the money, the breadth of UBS's business they plan to examine has also widens. Given this potential black hole of doom for the bank, the always expected settlement talks are apparently well underway between UBS and the Justice department. No one is commenting on the record thus far, but a $1.2 billion settlement figure has been tossed around as just the thing to head off a potentially ugly felony indictment.
-- MDT
1/22/2009
-- MDT
Labels: Raoul Weil, tax evasion, UBS
Raul Weil Still a Fugitive
In case you were wondering...
Meanwhile, legal woes for UBS keep getting deeper.
-- MDT
1/12/2009
Meanwhile, legal woes for UBS keep getting deeper.
-- MDT
Labels: Fraud, Igor Olenicoff, Raoul Weil, tax evasion, UBS
UBS to Divest Itself of Secret, Tax Dodging Accounts
They'll be mailing some very large checks out in the near future, which could seriously complicate tax time for a number of the nation's well-to-do. For tips on how to handle it gracefully, see the New York Times.
-- MDT
12/07/2008
-- MDT
Labels: tax evasion, UBS
Liechtenstein to Loosen Up on Bank Secrecy (Sort Of)
Following the Heinrich Kieber-induced international tax evasion scandal that lead international regulators to its door, Liechtenstein, the famous European tax haven is apparently planning on softening its bank secrecy laws.
As per a new agreement, set to be signed next week with American regulators, Liechtenstein will begin turning over banking records for individuals currently under investigation or currently being prosecuted for tax evasion in the U.S.
The key bit there is the part about being currently under investigation.
Beyond that narrow window, Liechtenstein is keeping the shades drawn tight, leading some to suggest that the nation's newly touted cooperation is little more than an attempt to change the subject.
-- MDT
12/05/2008
As per a new agreement, set to be signed next week with American regulators, Liechtenstein will begin turning over banking records for individuals currently under investigation or currently being prosecuted for tax evasion in the U.S.
The key bit there is the part about being currently under investigation.
Beyond that narrow window, Liechtenstein is keeping the shades drawn tight, leading some to suggest that the nation's newly touted cooperation is little more than an attempt to change the subject.
-- MDT
Labels: Heinrich Kieber, Liechtenstein, tax evasion
CEO Suicide at Julius Baer?
It has been reported that Julius Baer bank CEO, Alex Widmer has died. While the bank initially released a statement that the death was a result of an unspecified illness, family friends have publicly referred to the untimely passing as suicide. Swiss authorities have thus far refused to offer their own confirmation one way or the other.
11/24/2008
Julius Baer has recently faced an investigation into assisting its clients with evading taxes leading to a nasty legal fight over the exposure of stolen bank records, (see Rudolf Elmer) which saw the bank at odds with the public disclosure advocates at Wikileaks.org. More on Elmer's role in all this can be found right here.
No way to say yet whether these travails had any bearing on Widmer's passing. Something is sure to be confirmed shortly, one way other the other.
-- MDT
Labels: Alex Widmer, Julius Baer, revenge, Rudolph Elmer, suicide, tax evasion, whistleblower
Menachem Lifshitz Comes Clean on Tax Bill
The prominent plaintiff attorney (Bernstein, Liebhard & Lifshitz), is seeing some dirty laundry aired thanks to his guilty plea on charges that he falsified his 2005 tax return. Along with resigning from BLL, he'll pay a cool $4.8 million to make it right.
--MDT
11/13/2008
--MDT
Labels: Bernstein, Liebhard and Lifshitz, Menachem Lifshitz, tax evasion
Speaking of UBS...
This is quite the significant indictment. Raoul Weil, come on down. Weil oversaw cross-border private banking for UBS from 2002 to 2007, overseeing a division that allegedly helped hide $20 billion from U.S. tax authorities.
-- MDT
11/12/2008
-- MDT
Labels: Raoul Weil, tax evasion, UBS
UBS Coughing Up Names to U.S. Authorities 9/14/2008
Liechtenstein and Germany Get Downright Catty Over Tax Evasion Scandal
Really Prince Hans...
Referencing a "Fourth Reich" is just in really bad taste.
-- MDT
9/01/2008
Referencing a "Fourth Reich" is just in really bad taste.
-- MDT
Labels: Germany, Heinrich Kieber, Liechtenstein, tax evasion
Agitating Over In-Action From Canadian Government on Exposed Tax Cheats
Kieber's list continues to reverberate...of course it happens to be Kieber's attorney who is banging the drum in this case.
-- MDT
8/13/2008
-- MDT
Labels: Canada, Heinrich Kieber, tax evasion
Banky Panky
Slate has my favorite article title of the week. Even if it is a short one, the title makes it worth mentioning.
-- MDT
8/10/2008
-- MDT
Labels: tax evasion, UBS
Michael Miskin - Another Noted Name From Henrich Kieber's List 8/05/2008
Scrutiny on Tax Evasion Leads to Resignation of UBS Banking Exec
UBS has announced the departure of David Aufhauser, their general counsel for the Americas. Aufhauser is currently being investigated by the New York Attorney General's office in conjuction with a broader probe of the financial markets.
-- MDT
7/25/2008
-- MDT
Labels: David Aufhauser, tax evasion, UBS
State of New York Files Suit Against UBS
With its tax evasion and auction rate securities woes, UBS is sure getting it hard at both ends these days. Details on the NY suit right here.
-- MDT
7/22/2008
-- MDT
Labels: auction rate securities, lawsuit, tax evasion, UBS
Recapping Last Weeks Private Banking Congressional Hearings
I was going to do it, but how could I do a more entertaining job than, say, The Nation?
-- MDT
7/21/2008
-- MDT
Labels: hearing, Heinrich Kieber, LGT, tax evasion, UBS
First of Many German Tax Evasion Trials Ends With Suspended Sentence, Major Fine
A 66 year old retired real estate agent named only as Elmar S. was convicted in a one day trial of hiding millions of euros over five years via two Liechtenstein foundations.
To settle his tax tab Elmar was order by a Bochum court to pay a € 7.5 million fine, with € 1 million of that going to charity.
For the record, this is roughly the same amount that informant Heinrich Kieber was paid by the German government for the stolen customer records he purloined from former employer, LGT Bank.
That's one case down, hundreds more are expected. Germany has announced that 210 citizens are under investigation, conducted at least as many raids, brought cases against 350 and said that it is mulling over 400 more.
Already the announcement of the enforcement action has brought in € 110 million from tax delinquents.
You can argue with the tactics, but you can't argue with success.
-- MDT
To settle his tax tab Elmar was order by a Bochum court to pay a € 7.5 million fine, with € 1 million of that going to charity.
For the record, this is roughly the same amount that informant Heinrich Kieber was paid by the German government for the stolen customer records he purloined from former employer, LGT Bank.
That's one case down, hundreds more are expected. Germany has announced that 210 citizens are under investigation, conducted at least as many raids, brought cases against 350 and said that it is mulling over 400 more.
Already the announcement of the enforcement action has brought in € 110 million from tax delinquents.
You can argue with the tactics, but you can't argue with success.
-- MDT
Labels: Elmar S, Heinrich Kieber, LGT, Liechtenstein, tax evasion
