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Penalties For The Failure To Report Foreign Financial Accounts And The Excessive Fines Clause Of The Eighth Amendment, Matthew A. Melone

Matthew A. Melone

Offshore financial accounts held by U.S. citizens or residents have been the subject of government scrutiny for some time. These accounts often are maintained by taxpayers as repositories of funds derived from illegal activities or to evade income taxes both on funds derived from legal and illegal activities. Recent high profile scandals, particularly those that involved Swiss banks, have brought heightened congressional and public attention to the nefarious use of such accounts. Particularly prominent was the scandal involving UBS and the deliberate attempts by its private banking division to aid U.S. citizens in evading income taxes. This scandal, which prompted …