Sentence examples for selling offshore from inspiring English sources
UBS admitted criminal wrongdoing in selling offshore banking services that the I.R.S. said it suspected had been used by Americans to avoid taxes.
His fortune was shredded by the credit crunch which bankrupted Baugur but accountants working for Glitnir believe he made $85m£57m7m) by selling offshore assets last year.
Federal prosecutors on Friday dropped criminal charges against UBS, saying that the Swiss bank had gotten out of the business of selling offshore private banking services that allowed wealthy Americans to avoid billions of dollars in taxes.
In a brief telephone interview, Douglas H. Shulman, the I.R.S. commissioner, disclosed that the agency was advancing in its scrutiny of other banks suspected of selling offshore tax evasion services.
The I.R.S. said it had withdrawn its legal summons against UBS — a move that was expected after the Justice Department dropped criminal charges against the bank last month after an 18-month probation for selling offshore tax evasion services.
The agreement is another victory for the I.R.S. and the Justice Department in the long-running case against UBS, which in February paid $780 million and admitted to criminal wrongdoing in selling offshore banking services that enabled tax evasion.
These are derivatives sold offshore but based on Indian shares.
See articleIndia's stockmarket briefly tumbled after regulators proposed restricting capital inflows from derivatives sold offshore, which would affect a sizeable chunk of foreign portfolio investment.
To that end, the I.R.S. is analyzing data from the disclosures to ferret out other banks and firms that sold offshore tax evasion services.
The Justice Department has expanded its criminal investigation into foreign banks that sell offshore private banking services to include Credit Suisse and HSBC, according to people briefed on the matter.
The indictment, from the United States attorney's office in Manhattan, arose out of a continuing investigation into clients of UBS and other banks that sold offshore tax evasion services through their private banks.
