January 31st, 2012
The U.S. government frequently raises the issue of smuggling of bulk shipments of currency from the U.S. to Mexico as a major economic and security issue, one that demands greater effort by Mexican authorities to detect and deter.
However, as a report released this week by Global Financial Integrity reveals, bulk cash smuggling is not the only form of illicit financial transfer taking place in staggering volumes across the U.S. - Mexico border.
September 28th, 2011
In 2010 Congress enacted the Foreign Account Tax Compliance Act (FATCA), which aims to combat tax evasion by U.S. citizens holding investments in offshore accounts. Under this law, the IRS and the U.S. Department of the Treasury require U.S. taxpayers holding financial assets on foreign soil to report those assets. FATCA also requires foreign financial institutions to report certain information about U.S. taxpayers directly to the IRS. The law phases these requirements in several stages. Starting in 2013, the IRS will require participating banks to conduct due diligence for identifying new and pre-existing U.S. accounts and reporting requirements will...
September 8th, 2009
At the root of the public fascination with the fate of Michael Bryant is a question that lies at the heart of democracy: Do the rich and powerful get special treatment?
September 2nd, 2009
TORONTO (Reuters) - Canada could pursue Swiss bank UBS (UBSN.VX) in court if bank officials refuse to disclose the names of Canadian clients who are evading taxes using UBS accounts, but even the government minister responsible believes stronger laws may be needed.