US: “SHELL BANKS” – SENATE INVESTIGATION UNCOVERS MAJOR LOOPHOLE IN OFFSHORE ACCOUNT REPORTING

On 24 August, the US Senate Committee on Finance released a report following a year-long investigation into the largest alleged individual tax evasion scheme in US history, involving billionaire Robert Brockman and his associates.  The investigation is said to have uncovered the “shell bank” loophole in FATCA, a loophole that allows banks offshore to accept funds from US persons without reporting them to the IRS.  It is said that, with little effort, wealthy tax cheats like Robert Brockman were able to convert shell companies into shell banks, and self-certify they are reporting income held in offshore accounts to the IRS.

https://www.finance.senate.gov/chairmans-news/wyden-investigation-uncovers-major-loophole-in-offshore-account-reporting

https://www.finance.senate.gov/imo/media/doc/Mirabaud%20Report.pdf

Any modest contributions for my time and ongoing expenses are welcomed!  At Buy me a Coffee one-off contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y

NOTE THAT THE ABOVE LINK IS NOW CORRECTED AND WORKS!

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: