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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.
