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/imo/media/doc/Mirabaud%20Report.pdf
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