First Ever Conviction for Failing to Comply with FATCA

On 11 September 2018, the Department of Justice in the United States announced that an individual pleaded guilty to conspiring to defraud the United States by failing to comply with the Foreign Account Tax Compliance Act (“FATCA”) at the federal court in Brooklyn (Link).

This former Chief Business Officer and former Chief Executive Officer of Loyal Bank Ltd, an offshore bank with offices in Budapest, Hungary and Saint Vincent and the Grenadines was extradited to the United States from Hungary in July 2018. This guilty plea represents the first-ever conviction for failing to comply with FATCA. When sentenced, this individual faces a maximum of five years in prison.

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