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Home / Expert Opinion / Civil Litigation / Civil Litigation: Substantial sanctions can be imposed on unwitting holders

Civil Litigation: Substantial sanctions can be imposed on unwitting holders

Historically, assets could be hidden in offshore bank accounts without significant risk of exposure. Due to the efforts of the federal government over the past decade, Swiss bank accounts no longer provide a safe haven for hiding assets from the Internal Revenue Service. The Bank Secrecy Act of 1970 requires individuals to report their foreign bank ...