Tuesday, March 31, 2015
First Bank To Be Resolved Under DOJ's Swiss Bank Non Prosecution Agreement Program
International Financial Law Prof Blog
The Department of Justice announced that BSI SA, one of the 10 largest private banks in Switzerland, is the first bank to reach a resolution under the Department of Justice’s Swiss Bank Program. 106 Swiss banks have sought non-prosecution agreements.
read the details at International Financial Law Prof Blog
The Department of Justice announced that BSI SA, one of the 10 largest private banks in Switzerland, is the first bank to reach a resolution under the Department of Justice’s Swiss Bank Program. 106 Swiss banks have sought non-prosecution agreements.
read the details at International Financial Law Prof Blog
Tuesday, March 24, 2015
Friday, March 20, 2015
Thursday, March 19, 2015
Other EU Tax Transparency Measures
Expanding the automatic exchange of information on financial accounts: In December 2014, Member States adopted landmark transparency measures through a revision to the Administrative Cooperation Directive. This requires Member States to automatically exchange information on the full spectrum of financial information from 2017, and spells the end of bank secrecy in the Single Market. The revised Directive, and other EU tax transparency measures, can be read at International Financial Law Prof Blog
Analysis of the EU's Tax Disclosure Directive
... oblige Member States to automatically exchange information on their tax rulings. This means that tax authorities would have to share a pre-defined set of information on all of their advance cross-border tax rulings with all other Member States. They would do this on a quarterly basis and following a standard format. Recipient Member States would then be allowed to request more detailed information on a particular tax ruling if they believe that it is relevant to their own taxation rules.
read the point by point analysis at International Financial Law Prof Blog
Wednesday, March 18, 2015
Former Managing Director of RBS Securities Admits To Multimillion Dollar Securities Fraud of RBS Customers
International Financial Law Prof Blog
Katke was a registered broker-dealer and managing director at RBS Securities Inc. Katke admitted that he and others conspired to increase RBS’s profits on CLO bond trades at the expense of customers. As part of the scheme, Katke and his co-conspirators made misrepresentations to induce buying customers to pay inflated prices and selling customers to accept deflated prices for CLO bonds, all to benefit RBS. read on at International Financial Law Prof Blog
Katke was a registered broker-dealer and managing director at RBS Securities Inc. Katke admitted that he and others conspired to increase RBS’s profits on CLO bond trades at the expense of customers. As part of the scheme, Katke and his co-conspirators made misrepresentations to induce buying customers to pay inflated prices and selling customers to accept deflated prices for CLO bonds, all to benefit RBS. read on at International Financial Law Prof Blog
Banca Privada d’Andorra Money Laundering Billions for Corruption and Human Traffickers?
....for several years, high–level managers at BPA have knowingly facilitated transactions on behalf of third–party money launderers acting on behalf of transnational criminal organizations ... read on at International Financial Law Prof Blog
Tuesday, March 17, 2015
OECD Releases 9 Country Evaluations On Implementation of Exchange of Tax Information To Combat Tax Evasion
International Financial Law Prof Blog
The Global Forum on Transparency and Exchange of Information for Tax Purposes published today 9 new peer review reports, including a Phase 1 Supplementary Report for Switzerland, demonstrating continuing progress toward implementation of the international standard for exchange of information on request.
The Global Forum on Transparency and Exchange of Information for Tax Purposes published today 9 new peer review reports, including a Phase 1 Supplementary Report for Switzerland, demonstrating continuing progress toward implementation of the international standard for exchange of information on request.
Commerzbank Admits to Sanctions and Money Laundering Violations, Will Pay $1.45 Billion Penalties!
International Financial Law Prof Blog
"If for whatever reason CB New York inquires why our turnover has increase[d] so dramatically, under no circumstances may anyone mention that there is a connection to the clearing of Iranian banks!!!!!!!!!!!!!.”
“we currently have 90 alerts a day,” with “808 alerts outstanding,” ...
read the full story at International Financial Law Prof Blog
"If for whatever reason CB New York inquires why our turnover has increase[d] so dramatically, under no circumstances may anyone mention that there is a connection to the clearing of Iranian banks!!!!!!!!!!!!!.”
“we currently have 90 alerts a day,” with “808 alerts outstanding,” ...
read the full story at International Financial Law Prof Blog
Sunday, March 8, 2015
Top Ten Identity Theft Prosecutions by IRS
“Identity theft is a crime that carries significant consequences, and these cases send a warning to criminals,” said Richard Weber, Chief, IRS-Criminal Investigation. “Our top 10 cases represent the seriousness of these crimes and the magnitude of the consequences that will be faced by those who victimize honest taxpayers and steal from hard-working Americans.”
Top Ten Identity Theft Cases - discover them at International Financial Law Prof Blog
The TIGTA Review of the Fiscal Year 2016 Funding Request for the IRS
International Financial Law Prof Blog
The Treasury Inspector General for Tax Administration, also known as “TIGTA,” is statutorily mandated to provide independent audit and investigative services necessary to improve the economy, efficiency, and effectiveness of the IRS, including the IRS Chief Counsel and the IRS Oversight Board.
discover the budget requests at International Financial Law Prof Blog
discover the budget requests at International Financial Law Prof Blog
Friday, March 6, 2015
FCA imposes £2.1m fine on Bank of Beirut and 2 employees for AML violations
The Bank of Beirut (UK) Ltd (Bank of Beirut) has been fined £2.1m by the Financial Conduct Authority (FCA) and stopped from acquiring new customers from high-risk jurisdictions for 126 days. In addition, the FCA has fined two approved persons at the bank. read why at International Financial Law Prof Blog
Wednesday, March 4, 2015
Distance Learning for Legal Education March 12-14 (Thursday - Saturday) at San Fran
Register without delay (and without cost) for the Distance Learning for Legal Education workgroup next week (March 12-14, Thursday - Saturday) in exciting San Fran.
Why should a Dean approve a travel budget for this workgroup? The American Bar Association initially acquiesced to an online LL.M. in 1998. Yet, it is since the initial inception of the Work Group in 2010 that most of the 47 LL.M.s offered online by 29 ABA full approved law schools have been founded. As of 2015, a majority of ABA law schools offer the opportunity for an online academic experience for J.D. students. One ABA law school has received a variance to offer a hybrid, partially residential / partially online, JD.
Who attends? Deans, Administrators, and Faculty from at least 83 ABA law schools and other stakeholders, such as foreign and U.S. academic institutions, publishers, and technology companies, have attended. Normally between 50 - 75 per workshop, and 100 for the AALS breakfasts.
What is the deliverable for a Dean? Guaranteed, collaborative engagement in discussions, writing, and editing that create the attached Work Group's recommendations. These best practice recommendations have been designed to adoptable by institutions and stakeholders through their adaptability and will form a component of a Distance Education policy. Everyone becomes a contributor, hence the name "work group". Attendees become the leader of the distance education pedagogical and policy discussions at home institutions.
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