Raoul Weil, a former UBS AG banker, who headed their global wealth management group, was found not guilty yesterday by the federal jury in Fort Lauderdale, Florida.
Another victory for the government in their fight against hidden offshore accounts was announced today in Los Angeles.
IRS Announces Major Changes to Offshore Voluntary Disclosure Program
In the case of USA v. Carl Zwerner, the jury found that willful FBAR penalties of 50% of the account value applied to multiple years, thus, making the aggregate FBAR penalty equal to 150% of the account balance.
IRS and Department of Treasury announced that calendar years 2014 and 2015 will be considered as a transition period for purposes of IRS enforcement and administration with respect to the implementation of the Foreign Account Tax Compliance Act (FATCA)
Goldman Sachs and Morgan Stanley Participate in Swiss Bank Disclosure Program, Will Reveal Account Information to DOJ
Swiss units of Goldman Sachs and Morgan Stanley are among more than 100 Swiss banks participating in the Department of Justice amnesty program.