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Wealth Briefing published comments by Dina Kapur Sanna on the repercussions of recent penalties imposed by the U.S. government on Swiss bank Wegelin. In her comments, titled "Picking Through The Rubble Of Wegelin's Demise In US," Dina says that the U.S. is increasingly focused on offshore tax compliance, and the Wegelin case is but one example. To enhance the voluntary compliance system, the U.S. has announced a series of Offshore Voluntary Disclosure Programs targeted towards U.S. taxpayers with unreported income and is busily implementing the withholding provisions of the Foreign Account Tax Compliance Act (FATCA), which requires foreign financial institutions to report to the IRS information about financial accounts held by U.S. taxpayers or by foreign entities in which U.S. taxpayers hold a substantial interest.
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This website may use cookies, pixel tags and other passive tracking technologies, including Google Analytics, to improve functionality and performance. For more information, see our Privacy Policy. By using our website, you are consenting to our use of these tracking technologies. You can alter the configuration of your browser to refuse to accept cookies, but if you do so, it is possible that some areas of web sites that use cookies will not function properly when you view them. To learn more about how to delete and manage cookies, refer to the support instructions for each browser (e.g., see AllAboutCookies.org). You may locate Google Analytics' currently available opt-outs for the web here.