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.