The statistical evidence for this has been cobbled together from a number of disparate sources. Until now, there was no single source from which these insights could be checked, confirmed, qualified or rejected. However, thanks to a database of household surveys put together recently by the World Bank, we can actually find out for the first time, from a single and consistent data source, who the real winners and losers of globalization are.
How Prosecutors Compromise with Corporations. Professor Garrett has written and spoken extensively about white collar corporate prosecutions and the use of non-prosecution and deferred prosecution agreements in the corporate prosecution context.
A little background to our conversation. The text of our interview is below: What do you think about the decision to address the issue of offshore tax evasion through the use of Swiss banks via NPAs in exchange for information rather than more traditional prosecutions?
About Professor Brandon L. We have never before seen an entire program of corporate criminal amnesty. The approach is creative and while in general I have criticized overuse of non-prosecution agreements as a tool, where they result in out-of-court deals with corporations, such an approach seems particularly salutary in the context of foreign banks operating behind a wall of Swiss banking secrecy.
These Swiss bank prosecutions have made enormous progress in breaking down the walls that for too long permitted U. Moreover, it is noteworthy that prosecutors have rewarded banks that not only were forthcoming about their conduct, but provided information about clients that evaded taxes.
To cooperate fully, one would expect a criminal defendant to fully provide the evidence concerning the criminal acts, but given traditional Swiss banking rules, and the limitations on disclosing client information, cooperation by these banks was particularly important.
We have seen many dozens of Swiss banks large and small cooperate so far in the program, and it sounds as if we will see another wave of these settlements before too long. Presenting detailed data from more than a decade of federal cases, Brandon Garrett reveals a pattern of negotiation and settlement in which prosecutors demand admissions of wrongdoing, impose penalties, and require structural reforms.
The Swiss banking cases may pose particular obstacles to the new stated DOJ focus on individual accountability, because they may so often involve foreign employees and officers of foreign banks. Providing all relevant information concerning clients who evaded taxes may as a result sensibly be a higher priority for U.
What are your thoughts about the structure and amounts of the penalties assessed in the program and whether they serve as an effective deterrent to banks and bankers in other jurisdictions?
We are already seeing U. As a result, this broader prosecution effort may not only end tax evasion in Switzerland, but make it more difficult to evade taxes around the world.
Swiss banks had the advantage of being safe havens; riskier and less trustworthy banks in other countries may be less and less attractive to tax evaders in the U.
Those shifts may do a great deal to deter tax evasion in our globally interconnected financial system. The fines levied on banks, of course, will not deter taxpayers, and effective enforcement directed at the demand side — the willing tax evaders — will also play an important role in deterring tax evasion Carolyn Kendall: Should a version of the Swiss bank program model be applied domestically, and if so, how?
Could this be done? Companies should receive marked leniency for self-reporting and companies that conceal crimes should not receive such leniency. Crimes committed within complex organizations may sometimes go entirely undetected. An amnesty program seems particularly justified where one is worried that conduct might otherwise go completely undetected.
The Dodd-Frank whistleblower provisions, and the IRS whistleblower provisions seek to encourage reporting at the individual level — and that may be just as effective or more so as encouraging corporate-level reporting — time will tell.timberdesignmag.com: News analysis, commentary, and research for business technology professionals.
A Toronto realtor's financial records have been linked to a massive Swiss bank controversy. We are committed to maintaining a lively but civil forum for discussion, so we ask you to avoid. SUCCESSORS OF ROME: FRANCIA, Present.
Kings and Emperors of the Franks, France, Burgundy, Italy, and Germany. Introduction. After the collapse of the Western Roman Empire, and the occupation of much of Gaul by the Franks, Roman power never returned far enough to come into conflict with the Frankish kingdom (except, to an extent, in the South of Italy).
In loving memory of Dr. Hans P. Binswanger-Mkhize, who lived a life of catalyzing essential change in the world. He achieved this change by envisioning it and then fighting for it.
His legacy will endure. But now we must continue the fight. A Conversation with UVA Law’s Brandon Garrett About the DOJ’s Swiss Bank Program Posted on October 22, by Carolyn Kendall Recently I had the opportunity to speak with my former law professor, Brandon Garrett, about the DOJ’s Swiss bank program.
Swiss Bank Julius Baer convinced Federal court Judge Jeffery White to disable the website timberdesignmag.com to prevent access to leaked documents that implicated them of money laundering.
The ensuing controversy has cast suspicion on the IPO bid of their US operation.