In my June 1, 2009 "Asset Search News Roundup" I wrote about how national tax authorities can enter into tax information exchange agreements. The July 24, 2009 article "Tax Transparency Is Set To Increase", also discusses these agreements, which sometimes uncover offshore assets hidden in a tax fraud. As "Tax Transparency Is Set To Increase"… Continue Reading
Monthly Archives: July 2009
A Yola, A Police Sergeant & A Restauranteur
Posted in Asset Forfeiture, Asset Search/Fraud InvestigationAfter an at-sea interdiction, U.S. prosecutors are seeking asset forfeiture of a 26- foot yola (boat) and the nearly $1.7 million on board alleged to be undeclared currency hidden in two suitcases and a small bag. The captain of the yola was Sergeant Juan Quinones-Rosario of the Police of Puerto Rico and its crew member… Continue Reading
Asset Search News Roundup: July 24, 2009
Posted in Asset Search News, Money Laundering, Public Corruption"An Asset Search, Tax Fraud & Divorce" mentioned that Brian, (a former high-ranking official at the Financial Crimes Enforcement Network, who had earlier been an IRS special agent), said: "Once a tax fraud investigation starts rolling along, nobody knows where it may end up". Today’s "Asset Search News Roundup" is similarly about the numerous individuals… Continue Reading
Link Charts In An Asset Search
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Divorce & Child Support, Money LaunderingFinancial intelligence units, local law enforcement, prosecutors, etc. can visually analyze data through "link charts" like the one used by U.S. Treasury’s Office Of Foreign Assets Control to depict the drug trafficking network of Medellin-based Francisco Antonio Florez Upegui: (To Enlarge, Click On Image) Chart: U.S. Treasury Office Of Foreign Assets Control Governmental authorities… Continue Reading
Asset Search News Roundup: July 18, 2009
Posted in Asset Search News, Securities FraudAttempts to recover assets connected to securities fraud are the subject of this "Asset Search News Roundup": Pages 27-30 of trustee Irving Picard’s July 9, 2009 report, outline some of the efforts to recover offshore assets related to Mr. Bernard Madoff’s Ponzi scheme / securities fraud. So far, Mr. Madoff’s offshore assets have been identified… Continue Reading
Some Abusive Offshore Tax Avoidance Schemes At UBS
Posted in Asset Search/Fraud Investigation, Financial Institutions, Swiss Banks, Tax FraudU.S. taxpayers who beneficially own a foreign bank account with assets in excess of $10,000, are required to disclose the same at Schedule B, Part III of their U.S. Individual Tax Return Form 1040. These taxpayers must also separately file a TDF 90-22.1, (a.k.a. a "FBAR" form), the first page of which is shown here:… Continue Reading
Asset Search News Roundup: July 12, 2009
Posted in Asset Forfeiture, Asset Search News, Privacy Laws, Public CorruptionThe "Asset Search News" for this week discusses my interview by AssetForfeitureWatch.com; Transparency International’s press release about Kenyan police corruption; and the file assistant who pleaded guilty to computer intrusions in violation of U.S. privacy law. +AssetForfeitureWatch.com provides the law enforcement community with training / support in the area of asset forfeiture. Last Tuesday, AssetForfeitureWatch.com… Continue Reading
UBS & Its “John Doe” Summons
Posted in Asset Search/Fraud Investigation, Financial Institutions, Swiss Banks, Tax Fraud"A Domestic Subpoena / Summons In An Offshore Asset Search" describes how the IRS and U.S. Department of Justice were granted court permission to serve a "John Doe" summons on UBS AG. This summons was supposed to help the IRS identify assets and / or undeclared revenue hidden by any U.S. taxpayers who were maintaining… Continue Reading
Asset Search News Roundup: July 6, 2009
Posted in Asset Forfeiture, Asset Search News, Public CorruptionThis "Asset Search News Roundup" concentrates on the International Centre For Asset Recovery ("ICAR"), which is part of the Basel Institute on Governance. ICAR’s "Knowledge Centre" is particularly geared toward helping "asset recovery practitioners, investigators, prosecutors and policy makers worldwide". The Knowledge Centre generally has information for domestic governmental authorities, about forced collection proceedings when… Continue Reading
Public Corruption Charges Against Two Politically Exposed Persons
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Money Laundering, Public Corruption, White-Collar Crime GenerallyPolitically exposed persons who are involved in public corruption schemes, sometimes use money laundering to hide bribes or other illicit proceeds. Although not accused of money laundering, former Detroit city councilwoman Monica Conyers, was a politically exposed person suspected of accepting bribes. Monica Conyers is also the wife of House Judiciary Committee Chairman John Conyers. … Continue Reading