Financial Crimes | Los Angeles Criminal Defense Blog
“Cooked books” is a slang term for accounting records in which facts or figures have been altered illegally or dishonestly. Some companies use various tactics to manipulate their financial records and improve their results. Sophisticated accounting techniques can be used to overstate a company’s profitability.
An offshore bank account is any account with a bank located outside of the United States. The most popular offshore banking centers in the global market are the Cayman Islands and Switzerland. Offshore accounts provide financial and legal benefits to banking clients.
If they have more than $10,000 in a foreign bank account, U.S. citizens and residents must report annually to the IRS all financial interests in any bank, securities, or other financial accounts in any foreign country. This is done by filing on or before April 15 of every year IRS form TD F 90-22.1. This form is a Report of Foreign Bank and Financial Accounts (FBAR).
Virtual currencies are a digital means of exchange that are unregulated and allow for transactions to occur without bank involvement – but times are changing. When the government believes that any digital currency is being used to commit a crime, as the transactions cross state lines, cryptocurrency crimes are under the jurisdiction of the federal government.