Germany’s Second Largest Bank Latest Under U.S. Investigation

Commerzbank, Germany’s second largest bank, has agreed to pay the United States Government and New York State $1.45 billion for its role in money laundering schemes. Internal Commerzbank employees were manually changing the transaction monitoring system that all banks must adhere so as to not report red flag transactions.

This fact pattern is very similar to the recent sanctions brought against BNP Paribas, ING, HSBC and Credit Suisse. Now that these infractions have come to light, the bank will also be under scrutiny with Department of Justice as part of its efforts to uncover United States taxpayer undeclared offshore accounts and unreported income. Taxpayers that have undeclared foreign financial assets at these banks should seek immediate representation from a Federally Authorized Tax Practitioner.

About Five Stone Tax Advisers

Five Stone Tax Advisers has years of experience negotiating directly with the IRS to get the best possible outcome for you. Our International Tax Advisory and Compliance unit has a team of tax attorneys, certified public accountants and enrolled agents that form a single sourced point of contact that will provide services for all the legal, compliance and financial reconstruction aspects of offshore account cases.

FOUND THIS USEFUL ? SHARE WITH
Five Stone Tax
by Five Stone Tax

Five Stone Tax is America’s trusted tax adviser, offering full-service tax solutions with the goal of making sure all of our clients pay the lowest amount of taxes legally possible. As the most effective tax representation company in America, our team consists of the best Tax Attorneys, Enrolled Agents, case managers, and administrators in the industry.

Subscribe to Our Blog!

Don’t miss out our filing tips & deadlines, global tax news and customer case studies

Give it a try—it only takes a click to unsubscribe.