Taxing times for anti-money laundering

04/09/2009 Marcus Killick OBE

Released on July 16th 2009, a US Senate report exposes extensive misconduct by two European banks in assisting certain US clients in evading taxes, contributing to an estimated annual loss of $100 billion in US tax revenue. The report unravels a complex web of offshore tax abuses, including the systematic efforts of one bank to help US clients conceal billions of dollars in assets from the IRS. Whistleblowers, deceptive bank visits to the US, and ongoing investigations add intrigue to this story. Moreover, the report recommends legislative actions, potentially reshaping tax haven regulations and implicating influential figures like Senator Barack Obama.

Read the article: Taxing times for anti-money laundering

(Article first published in the IFC Review, 2009.)

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