Saturday, January 8, 2011

What’s Going To Keep White Collar Criminal Defense Lawyers Busy?

By Financial Fraud Law (H/T Keep Your Eyes on Fraud). 
Wondering what white collar criminal defense lawyers are likely to be busy with this year? Peter D. Hardy, a former U.S. prosecutor and now a principal in the white collar defense, compliance and risk management practice group of the Post & Schell PC law firm, has some thoughts. In his view, the U.S. government's intensive tax and money laundering enforcement drive will continue in 2011, with authorities still sharply focused on offshore assets. In addition, the IRS will implement its new "Global High Wealth Industry Group," dedicated to auditing not just the tax returns but the entire financial arrangements of wealthy individuals, with a focus on offshore accounts. This development, he believes, is likely to lead to more audits, and much more probing audits; it is one of several developments that together signal that the coming year will bring a new wave of tax enforcement actions, he says.
"Tax authorities have been on a sustained drive to maximize revenue and curb alleged abuses by high net worth individuals," says Hardy. "That trend will continue and even intensify in the coming year," Hardy says. "The focus will be on offshore assets and will expand to encompass even more elements of overall taxpayer financial conduct. Investors, institutions and their advisors need to prepare now to anticipate and address risks and resolve them, if at all possible."
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