Sentence examples for undeclared account from inspiring English sources

Today, banks are required to file a suspicious activity report if money appears to be coming in from an undeclared account.

In practice, he said, that means paying a penalty, now 27.5 percent of the value of the undeclared account, and bringing their records up to date.

One person whose name ended up on the list, John Malkovich, sued Le Monde, saying that he has never had an undeclared account at H.S.B.C.

Mr. Cahuzac, left, who resigned over the scandal, confessed to investigating magistrates that he had an undeclared account in Switzerland and then Singapore, as the Web site Mediapart had asserted.

The prosecution said an HSBC banker promised "the undeclared account would allow [his] assets to grow tax-free, and bank secrecy laws in Switzerland would allow Sethi to conceal the existence of the account".

"Because if they don't, and the government opens a criminal investigation, they're going to pay a lot more," he said, perhaps 50 percent or more of the undeclared account with the cost of fighting a felony charge of tax evasion to boot.

But the vast majority of people identified as holding undeclared accounts were not prosecuted.

Switzerland does not consider tax evasion a crime, and using undeclared accounts is perfectly legal there.

Clients who do not sign them must sell any United States investments held in undeclared accounts.

The program came about after a similar one in 2009 drew in some 15,000 formerly undeclared accounts.

While using offshore accounts is not illegal for United States taxpayers, hiding income in so-called undeclared accounts is.