The money laundering investigation at the Vatican Bank and options for U.S. taxpayers who have hidden their assets offshore:
- Italian officials are apparently still investigating the Vatican Bank for its supposed concealment of assets by money laundering. This investigation is discussed at “The Vatican Bank is rocked by scandal again” and “Vatican Bank In Trouble Again After Top Officials Step Down Amid Money Laundering Scandal.”
- When U.S. taxpayers conceal undeclared revenue or other assets in foreign bank accounts, the IRS considers these taxpayers to have participated in abusive offshore tax avoidance schemes. Taxpayers involved in such schemes can become compliant with U.S. tax laws by filing amended tax returns and delinquent FBAR reports, joining the Offshore Voluntary Disclosure Program, etc., as described by this chart:
Chart: The Internal Revenue Service
Copyright 2013 Fred L. Abrams