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Searching Content indexed under Offshore Banking by Shearman & Sterling LLP ordered by Published Date Descending.
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IRS Remains Focused On Off Shore Tax Enforcement
On January 27, 2016, the US Department of Justice announced that it had signed the final non-prosecution agreement with a Category 2 Swiss bank.
United States
17 Feb 2016
2
US District Court Grants "John Doe" Summonses For Information Related To Off-Shore Accounts In Belize
These summonses permit the IRS to seek records of the Belize Banks' correspondent accounts at Bank of America, N.A. and Citibank, N.A.
United States
25 Nov 2015
3
Streamlined OVDP Expanded To Resident US Taxpayers
On June 18, 2014, the IRS announced that it will permit resident US taxpayers to participate in its streamline OVDP filing compliance program.
United States
23 Jul 2014
4
IRS Introduces Revised IRM 8.11.6 Relating To FBAR Penalties
The IRS revised Internal Revenue Manual 8.11.6 regarding penalties applicable for failure to file a Report of Foreign Bank and Financial Accounts.
United States
17 Apr 2014
5
Swiss Bank Frey Ceases
On October 17, 2013, Swiss Bank Frey & Co. AG announced that it had decided to cease business activities as a bank stemming from "increasingly difficult market conditions, ever-growing regulations and the unsustainable requirements that smaller private banks are required to comply with" related to the tax dispute with the United States. Dr. Markus Frey, Chairman of the Board, stated that "[a]s a result of developments in recent years, circumstances and challenges have presented themselves, espec
United States
14 Nov 2013
6
Swiss Bank Settlement Dilemma
On August 29, 2013, the United States Department of Justice ("DOJ") and the Swiss Federal Department of Finance, following nearly two years of negotiations, jointly announced a settlement program that offers amnesty to Swiss banks and resolution regarding involvement with individuals and entities that used Swiss accounts to evade US taxes and reporting requirements.
United States
14 Nov 2013
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