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U.S. Treasury

Jun 14, 2021

Cryptocurrency Transactions Under Scrutiny by Office of Foreign Assets Control

The Office of Foreign Assets Control (“OFAC”) of the U.S. Treasury Department administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals against foreign governments and other threats to national security, foreign policy, and threats to national security.» Read More

Jun 07, 2021

Are U.S. Corporate Tax Hikes Coming? Are Corporate Profit-Shifting to Low-Tax Off-Shore Jurisdictions at Risk?

On May 18, Department of the Treasury Secretary Janet Yellen addressed the U.S. Chamber of Commerce at their Global Forum on Economic Recovery, continuing her pitch to raise corporate taxes and reduce or eliminate the current incentives for sourcing corporate profits off-shore to low-tax countries.» Read More

Aug 21, 2018

Manafort’s Trial Reminds Us of Looming OVDP Deadline

With the trial of Paul Manafort in the news, I’ve been thinking of the numerous conversations I have had with clients about properly disclosing foreign financial assets. Among other counts, Paul Manafort is charged with concealing foreign payments and offshore accounts from the U.S.» Read More

Jun 21, 2012

Tax Agreements with U.S. Treasury Signal Strong Crack Down on Tax Evasion

The United States Government has, for the past twenty years or more, pressed to obtain information from banks in tax havens.  These efforts have usually been unsuccessful.  That now appears to be changing.

The U.S. Treasury is completing agreements with five European Union countries to make life difficult for U.S.» Read More

Sep 30, 2010

Banks to Report All Electronic Money Transfers Into and Out of the Country

The Obama administration wants to require U.S. banks to report all electronic money transfers into and out of the country.  That proposal is a dramatic expansion of US government efforts to counter terrorist financing and money laundering.
Obama administration officials contend that the expanded collection of information would help them spot the sort of transfers that helped finance the al-Qaeda hijackers who carried out the Sept.
» Read More