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California lawyer sentenced to prison time in tax dodge case: U.S.

WASHINGTON (Reuters) - California lawyer Christopher Rusch has been sentenced to 10 months in prison for helping Americans hide millions of dollars in Swiss bank accounts to avoid U.S. taxes. The U.S. Department of Justice said late on Tuesday that Rusch had testified against two American clients, saying he brought money into the United States from their undeclared bank accounts to help them buy a golf course in Colorado.

S. Korea to launch gold trading platform next week

SEOUL, March 19 (Yonhap) -- South Korea's bourse operator, the Korea Exchange, said Wednesday that it will launch a gold trading platform next Monday in an attempt to better monitor a market dominated by illegal transactions. Last year, the country's financial authorities unveiled a plan to set up a gold trading platform in line with the government's efforts to bring the underground economy into the open and squeeze taxes out of the market where tax evasion is rampant.

Big banks need point person for money-laundering lapses: regulator

By Brett Wolf and Emily Stephenson HOLLYWOOD, FL/WASHINGTON (Reuters) - Big banks should designate senior managers to oversee efforts to police transactions for criminal activity and take responsibility when lapses occur, a top U.S. financial regulator said on Monday. Comptroller of the Currency Thomas Curry said "murky" lines of accountability at the biggest banks in the United States have prevented regulators from determining who was to blame for major anti-money laundering compliance failures.

Puerto Rico to crack down on sales-tax evasion

San Juan, Mar 17 (EFE).- The government of Puerto Rico introduced draft legislation requiring businesses to have payment systems certified by island's Treasury Department for the purpose of combating widespread sales-tax evasion. The measure is part of a government strategy to increase the collection of taxes currently being evaded. The government bases its action on a study saying it only receives 56 percent of the sales tax it should collect, representing an annual shortfall of some $900 million.

German officials want to clamp down on amnesty for tax dodgers

By Annika Breidthardt BERLIN (Reuters) - Senior German lawmakers on Sunday called for tougher rules to make it harder for tax cheats to claim amnesty by turning themselves in, days after soccer manager Uli Hoeness was sentenced for 3-1/2 years in prison for tax evasion. Recent news that Hoeness and other prominent Germans such as feminist activist Alice Schwarzer hoarded cash in secret bank accounts for years, have prompted calls for Chancellor Angela Merkel's government to clamp down on tax dodging.

UBS CEO's pay rises by a fifth to $12.3 million in 2013

ZURICH (Reuters) - UBS <UBSN.VX> hiked chief executive Sergio Ermotti's pay by a fifth last year to 10.73 million Swiss francs ($12.30 million), according to the Swiss bank's annual report published on Friday. But UBS's highest paid executive was investment banking chief Andrea Orcel, who earned 11.43 million francs in 2013. Chairman Axel Weber was paid nearly 6.1 million francs.

Bayern Munich president gets 3-year sentence for tax evasion

Berlin, Mar 13 (EFE).- FC Bayern Munich President Uli Hoeness was convicted Thursday of evading an estimated 27.2 million euros ($37.7 million) in taxes and sentenced to three years and six months in prison. The Regional Court II in Munich announced the verdict, which was handed down at the end of a four-day trial. Prosecutors had been seeking a five-and-a-half-year prison sentence, while the defense called for the case be shelved or for the 62-year-old Hoeness to be given a sentence of less than two years, which would have allowed him to avoid prison time.

Bayern Munich president Hoeness jailed for tax fraud

A German court Thursday sentenced football legend Uli Hoeness, president of powerhouse club Bayern Munich, to three and a half years in jail for major tax fraud. The verdict for cheating the German state out of 28.5 million euros ($39.5 million) spelled the likely end of the career of the former star player whose trial has captivated football-obsessed Germany. Hoeness, 62, had admitted to hiding his wealth in secret Swiss bank accounts while obsessively "gambling" on stock and currency markets for years.

Prosecutors seek 5 years' jail for Bayern Munich boss

German prosecutors demanded five and a half years' jail Thursday for Bayern Munich boss Uli Hoeness for evading millions in taxes. Prosecutor Achim von Engel sought the prison term for major tax fraud ahead of a verdict expected after 1300 GMT in a trial that has captivated football-obsessed Germany. Hoeness, 62, has admitted to dodging 27.2 million euros ($37.6 million) in taxes by hiding his wealth in Swiss bank accounts while obsessively "gambling" on stocks and currencies.

Italy partial tax amnesty put on back-burner in parliament

ROME (Reuters) - Italian lawmakers have put the brakes on a plan to fast-track a partial amnesty for tax dodgers with assets stashed abroad after they expressed concern the cost and bureaucracy could discourage people from owning up, a government official said on Tuesday. The idea behind the amnesty was to favor a return of assets to Italy ahead of an agreement with Switzerland, which is still being negotiated, for it to open up its bank databases to Italian tax authorities.
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