Using The New York FCA To Combat Offshore Tax Evasion
Law360, New York (April 14, 2015, 10:51 AM EDT) -- Just in time for Tax Day, offshore tax evasion is back in the news. New details have emerged about substantial efforts undertaken by HSBC and other banks in so-called “bank secrecy” jurisdictions to help wealthy individuals avoid paying taxes. If individuals or businesses in New York have utilized accounts abroad to illegally shelter income, back taxes may be owed to the state.
New York’s Fraud, Enforcement & Recovery Act, introduced by then-Sen. Eric Schneiderman and passed in 2010, created the first-in-the-nation state program to allow tax fraud recoveries under a false claims act. In introducing the legislation, Schneiderman explained that the...
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