The report reveals how the priorities of the agency are executed with the time and energy spent in each area. Drumroll please, here are some interesting factoids from the report this year:
Among other focus areas of CI, we are interested in non-tax crimes such as those involving the Bank Secrecy Act Program and international money laundering. The agency investigates hidden streams of money exiting or entering the U.S. and flowing through and to foreign institutions. In 2020, CI initiated 998 criminal investigations looking at currency and income violations. Of those almost all of them, 914, were recommended for prosecution and 633 people were sentenced.
A take-home point of this brief survey is that CI does a lot with the time and resources its tight budget can buy. Successful prosecution rates remain high—a good thought to keep in mind when considering personal or corporate compliance measures for the upcoming tax season.
When you have questions about foreign bank accounts, or tax irregularities of which you are aware in your organization, speak with an experienced tax lawyer to resolve your concerns before they become issues.
Robert J. Fedor, Esq., LLC serves clients throughout the US and abroad. When you have questions about allegations of tax crime or business compliance, call us at 800-579-0997 or contact us.