The Swiss bank helped the Americans put hundreds of millions of dollars in secret accounts
Court records show that RAHN + BODMER CO., A financial institution headquartered in Zurich, Switzerland Allowed to actively support Americans, maintains secret foreign bank accounts that should have been reported annually under the FBAR regime. Additionally, the bank admitted helping Americans file fake U.S. income tax returns, omitting critical aspects of their overseas bank account holder. The Justice Department estimates that the total value of the secret accounts held by RAHN + BODMER was hundreds of millions of dollars.
Last week the Ministry of Justice announced criminal charges against RAHN + BODMER and at the same time announced that the Swiss financial institution had concluded a postponed criminal prosecution agreement with the Ministry of Justice. Under the agreement, the defendant will provide details of his wrongdoing, cooperate fully with the Department of Justice, and receive a refund of $ 22 millionThis partially represents the tax loss caused by their actions.
Get started with FBAR compliance before it’s too late.
Under US law, Americans must report any ownership or signature authority on foreign bank or financial accounts with a combined high balance of $ 10,000 or more at any point in the year. Anyone who has a reporting obligation that deliberately violates the FBAR regime can face a prison sentence of up to five years and must be punished with a penalty of up to 50% of the high account balance over the 6-year FBAR limitation period. The effects of not disclosing a foreign bank account can be life changing.
If you have a foreign bank account and haven’t disclosed its existence, financial institutions like the defendant in the above case, which have deferred law enforcement agreements, make it nearly impossible to prevent them from ever being caught. Foreign banks around the world have literally lined up to work with the Justice Department to avoid criminal prosecution. This means that banks around the world that make such agreements with the Justice Department have agreed to provide incriminating information about their customers.
The good news is that there are still methods in place to stay compliant while minimizing the potentially devastating consequences of offshore tax evasion or an investigation or prosecution of foreign information. If you have a foreign bank account that has not yet been disclosed to the US government, it is in your best interest to reach out to an experienced international criminal lawyer today to discuss your options in order to get right with the government. Your experienced tax attorney will work with you to determine the specifics of your case and develop an optimal strategy to help you achieve FBAR compliance.
The California International Tax Attorneys and CPAs in the Tax Law Offices of David W. Klasing I’ve worked on thousands of cases of failure to file an FBAR and related offshore taxable taxable income. Our services are available to you anywhere in the world or in the US, fines of thousands of dollars and potential exposure to criminal taxes and overseas information. With the extensive knowledge and experience we have on this subject; We could increase your chances of getting a result that is favorable to your case. Call our law firms for advice at (800) 681-1295 or plan online here.
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Public contact: Dave Klasing Esq. MS-Tax CPA, [email protected]
SOURCE Tax Law Offices of David W. Klasing, PC