Tax Fraud, Tax Evasion | featured news

A court in Milan Friday convicted former Premier Silvio Berlusconi of tax fraud and sentenced the media mogul to four years in prison, his first prison sentence in years of criminal probes. The 76-year-old billionaire businessman -- who just two days ago said he would not run in Italy's spring election -- is expected to remain free until the appeals process is exhausted. In Italy, cases must pass two levels of appeal before verdicts are final.

The U.S. Justice Department is considering whether to ask a judge to reduce the jail sentence of Bradley Birkenfeld, the key informant in the U.S. tax fraud case against Swiss bank UBS AG, the New York Times said, citing a person briefed on the matter.

U.S. has been seeking data on depositors suspected of using UBS bank accounts to hide cash from IRS.

The government said it would seize the bank’s client data, which U.S. authorities have demanded to settle a tax case.

BERLIN (Reuters) - European leaders meeting in Berlin on Sunday have backed oversight of all financial markets and products, including hedge funds, and urged that sanctions be drawn up to punish tax havens, according to a final statement seen by Reuters.