FATCA was enacted into law by section 501(a) of the Hiring Incentives to Restore Employments (HIRE) Act 2010 as a revenue offset to help pay for the continuation of unemployment benefits for workers laid off during the 2008-2010 financial crisis. In July 2008, the U.S. Senate Permanent Subcommittee on Investigations… – Continue reading
United States: U.S. Nets Seven Financial Institutions Through Its Swiss Bank Program. Is Julius Baer Next?
On Thursday, May 28, 2015, the Department of Justice announced that pursuant to its August 29, 2013 Swiss Bank Program, it had reached settlement with four additional Swiss banks. The newest banks to settle, Société Générale Private Banking (Lugano-Svizzera), MediBank AG, LBBW (Schweiz) AG, and Scobag Privatbank AG, will pay… – Continue reading
Last week, the Justice Department announced that it had reached resolutions with four more Swiss banks under the terms of the DOJ Swiss Bank Program. The latest banks to resolve their U.S. tax issues are the following: Société Générale Private Banking (Lugano-Svizzera); MediBank AG; LBBW (Schweiz) AG; and Scobag Privatbank… – Continue reading