Difference between revisions of "Compliance Statistics"

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<q>The hardest thing in the world to understand is the income tax</q> - Chairman Max Baucus, D-Mont.[https://www.nbcnews.com/id/wbna24132392]
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*The hardest thing in the world to understand is the income tax - [https://www.nbcnews.com/id/wbna24132392Chairman Max Baucus, D-Mont.]
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*US system consumes 3.6 billion hours of individual taxpayer time every tax-filing year [https://www.nbcnews.com/id/wbna24132392]
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*The global AML system could be “the world’s least effective policy experiment” [https://www.economist.com/finance-and-economics/2021/04/12/the-war-against-money-laundering-is-being-lost]
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*Compliance costs for banks and other businesses could be more than 100 times higher than the amount of laundered loot seized [https://www.economist.com/finance-and-economics/2021/04/12/the-war-against-money-laundering-is-being-lost]
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*Worldwide spending on AML and sanctions compliance by financial institutions exceeds $180bn a year [https://www.economist.com/finance-and-economics/2021/04/12/the-war-against-money-laundering-is-being-lost]
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*It is not much more difficult today than it was 20 years ago to rinse dirty money [https://www.economist.com/finance-and-economics/2021/04/12/the-war-against-money-laundering-is-being-lost]
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* $5.8trn-worth of financial crime was perpetrated in 2018 [https://www.economist.com/finance-and-economics/2021/04/12/the-war-against-money-laundering-is-being-lost]
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*Trade-based money-laundering is increasing [https://www.economist.com/finance-and-economics/2021/04/12/the-war-against-money-laundering-is-being-lost]
  
*US system consumes 3.6 billion hours of individual taxpayer time every tax-filing year.[https://www.nbcnews.com/id/wbna24132392]
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== Financial Crime Intercepted by Authorities ==
  
== OVDP for Swiss banks ==  
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*United Nations Office on Drugs and Crime: 0.2% [https://www.economist.com/finance-and-economics/2021/04/12/the-war-against-money-laundering-is-being-lost]
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*2016 Europol: 1.1% [https://www.economist.com/finance-and-economics/2021/04/12/the-war-against-money-laundering-is-being-lost]
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== Banks/Penalties ==
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It is not unusual for firms such as HSBC or JPMorgan Chase to have 3,000-5,000 specialists focused on fighting financial crime, and more than 20,000 overall in risk and compliance. [https://www.economist.com/finance-and-economics/2021/04/12/the-war-against-money-laundering-is-being-lost]
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=== Fines ===
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*[https://www.economist.com/finance-and-economics/2021/04/12/the-war-against-money-laundering-is-being-lost 2021] Capital One fined $390m for failing to report thousands of suspicious transactions
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*[https://www.economist.com/finance-and-economics/2021/04/12/the-war-against-money-laundering-is-being-lost 2020] global lenders were hit with $10.4bn in penalties for money-laundering violations, an increase of more than 80% on 2019
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* 2020 NatWest failed to properly scrutinise a gold-dealing
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* 2018 Danske Bank $200bn of potentially dirty money was washed
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=== OVDP ===  
  
 
*ZKB US citizen clients: Less than 1%. DoJ investigation: 2011 to 2018. Fine: $100 million. [https://www.finews.ch/news/banken/45856-zuercher-kantonalbank-brokerage-ausbau-usa]
 
*ZKB US citizen clients: Less than 1%. DoJ investigation: 2011 to 2018. Fine: $100 million. [https://www.finews.ch/news/banken/45856-zuercher-kantonalbank-brokerage-ausbau-usa]
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== US Tax ==
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{| class="wikitable"
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|-
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! # Returns !! 2016 !! 2011 !! 2006 !! 2001 !! 1996 !! 1991
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|-
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| Foreign Earned Income Exclusion || 482'640 || 449'227 || 334'851 || 294'763 || 279'758 || 220'165
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|}
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[https://www.irs.gov/statistics/soi-tax-stats-individual-foreign-earned-income-foreign-tax-credit Source]
  
 
[[Category:Fact Book]]
 
[[Category:Fact Book]]

Latest revision as of 06:09, 17 April 2021

  • The hardest thing in the world to understand is the income tax - Max Baucus, D-Mont.
  • US system consumes 3.6 billion hours of individual taxpayer time every tax-filing year [1]
  • The global AML system could be “the world’s least effective policy experiment” [2]
  • Compliance costs for banks and other businesses could be more than 100 times higher than the amount of laundered loot seized [3]
  • Worldwide spending on AML and sanctions compliance by financial institutions exceeds $180bn a year [4]
  • It is not much more difficult today than it was 20 years ago to rinse dirty money [5]
  • $5.8trn-worth of financial crime was perpetrated in 2018 [6]
  • Trade-based money-laundering is increasing [7]

Financial Crime Intercepted by Authorities

  • United Nations Office on Drugs and Crime: 0.2% [8]
  • 2016 Europol: 1.1% [9]

Banks/Penalties

It is not unusual for firms such as HSBC or JPMorgan Chase to have 3,000-5,000 specialists focused on fighting financial crime, and more than 20,000 overall in risk and compliance. [10]

Fines

  • 2021 Capital One fined $390m for failing to report thousands of suspicious transactions
  • 2020 global lenders were hit with $10.4bn in penalties for money-laundering violations, an increase of more than 80% on 2019
  • 2020 NatWest failed to properly scrutinise a gold-dealing
  • 2018 Danske Bank $200bn of potentially dirty money was washed

OVDP

  • ZKB US citizen clients: Less than 1%. DoJ investigation: 2011 to 2018. Fine: $100 million. [11]

US Tax

# Returns 2016 2011 2006 2001 1996 1991
Foreign Earned Income Exclusion 482'640 449'227 334'851 294'763 279'758 220'165

Source