FATCA Fraud Leads to Criminal Conviction for Overseas Bank Executive

FATCA Fraud Leads to Criminal Conviction for Overseas Bank Executive (Board Certified Tax Law Specialist) FATCA Fraud Leads to Criminal Conviction for Overseas Bank Executive When it comes to Offshore and Foreign Account Penalties, FATCA (Foreign Account Tax Compliance Act) is not typically the basis for a criminal conviction. Usually, a person knowingly/willfully fails to file an FBAR, Form 5471, Form 3520-A, etc., and that is the catalyst which sparks a criminal investigation by the IRS Special Agents and possible referral to the DOJ. FATCA is raising the stakes and moving from civil violations to criminal enforcement. FATCA Criminal Conviction  Recently, on September 11, 2018 the former Chief Business Officer and former Chief Executive Officer of Loyal Bank Ltd, pleaded guilty under FATCA for committing FATCA Fraud. Specifically, the CEO of the offshore bank (with offices in Hungary and Saint Vincent & Grenadines) pleaded guilty to conspiring to defraud…

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