Tuesday, May 20, 2014

Off Shore Banking Bust/ Chinese Cyber Crime



Missoulian: Credit Suisse case called warning to foreign banks
Assistant Attorney General for the Tax Division Kathryn Keneally Speaks at Press Conference Announcing Guilty Plea in Credit Suisse Offshore Tax Evasion Case
“Credit Suisse has now acknowledged that it acted in both the United States and Switzerland to aid and abet the use of secret Swiss bank accounts for the evasion of U.S. taxes.  As set out in the statement of facts, Credit Suisse assisted its clients in using sham entities, soliciting IRS forms that falsely stated that those sham entities were the beneficial owners of assets in accounts with the bank, and facilitating access to the funds in those accounts in a manner designed to keep the accounts secret.  It also failed to preserve documents that would have aided in our investigation.  The plea agreement that has been announced today imposes serious consequences on Credit Suisse for this conduct. 

“We allege that members of unit 61398 conspired to hack into computers of six U.S. victims to steal information that would provide an economic advantage to the victims’ competitors, including Chinese state-owned enterprises.”
FBI: Five Chinese Military Hackers Charged with Cyber Espionage Against U.S.
“From 2006-2014, defendants Wang Dong, Sun Kailiang, Wen Xinyu, Huang Zhenyu, and Gu Chunhui, who were officers in Unit 61398 of the Third Department of the Chinese People’s Liberation Army, were allegedly involved a hacking conspiracy that targeted Westinghouse Electric Co.; U.S. subsidiaries of SolarWorld AG; United States Steel Corp.; Allegheny Technologies Inc.; the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union; and Alcoa, Inc.”

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