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Two More Banks Reach NPAs with the Department of Justice

On June 19, 2015, the Department of Justice announced that two more banks reached resolutions under its Swiss Bank Program. Those banks are Bank Linth LLB AG (Bank Linth) and Bank Sparhafen Zurich AG (BSZ).  According to the terms of the non-prosecution agreements, each bank has agreed to cooperate in any related criminal or civil proceedings, […]

[Don’t] Insert Money Here

It’s no coincidence that churches and banks are usually the two largest buildings in a community. “Filthy lucre,” as the King James so eloquently phrases it, has often reared its ugly head in Christian history. And if you think that the televangelist scandals of the 1980s were a recent development, think again. When Pope Urban […]

Two More Banks Reach Non Prosecution Agreements With U.S. Government

On Tuesday, June 9, 2015, the Department of Justice announced that two more banks had reached non prosecution agreements under the department’s Swiss Bank Program: Société Générale Private Banking (Suisse) SA (SGPB-Suisse) and Berner Kantonalbank AG (BEKB). According to the terms of the agreements, each bank has agreed “to cooperate in any related criminal or civil […]

Somebody Got Pinched

Well, so much for honor among thieves, at least as the U.S. government defines the t-word. Swiss bankers felt they had no choice but to violate the two greatest things in life. But this time, the allegations were quite a bit more serious than selling cigarettes without a retail permit, and there was no grinning […]

Red Card

Ever since the United States hosted the World Cup Finals in 1994, soccer has struggled to find a place in the overwhelmingly crowded American sports landscape. So, if you subscribe to the theory that there’s no such thing as bad publicity, the recently-unsealed indictments in New York may be the best thing to happen since […]

Non-prosecution Agreements Galore: Two More Banks Ink NPAs with the Justice Department

On June 3, 2015, the Department of Justice announced that two banks, Rothschild Bank AG and Banca Credinvest SA, had reached resolutions under the department’s Swiss Bank Program. For those unfamiliar with the Swiss Bank Program, it “provides a path for Swiss banks to resolve potential criminal liabilities in the United States.” Banks contemplating such an agreement had until December […]

Game Changer

With all the brouhaha surrounding the Patriots’ win in Super Bowl XLIX this past February, New England’s Bill Belichick effectively cemented his legacy as a brilliant coach, shrewd general manager and impenitent cheater. According to the official deflate-gate report, the team intentionally underinflated game balls in its victory over the Indianapolis Colts in the AFC […]

Four More Banks Reach Resolutions with U.S. Government for NPAs

On May 28, 2015, the Department of Justice announced the addition of four banks to its Swiss Bank Program. They are as follows: Société Générale Private Banking (Lugano-Svizzera) MediBank AG LBBW (Schweiz) AG Scobag Privatbank AG   For those unfamiliar with the Department of Justice’s Swiss Bank Program, a slight digression may be in order. The Swiss […]

Consequences of IRS Tax Compliance for Offshore Residents

Since the time the IRS announced the revised Offshore Voluntary Disclosure Program, there has been a consistent restlessness among American expats. At the forefront of this change is the inclusion of the Streamlined Compliance Procedure Program, which is available to U.S. individual taxpayers residing in the United States as well as those who live abroad. […]