Graph of international stocks

An Overview of Tariff and Customs Fraud

When importers intentionally fail to pay the required tariffs on goods that they bring into the country, this is a form of fraud. Not only does this type of activity deprive the government of valuable revenue, but it undermines our country’s trade policy and gives cheating companies an unfair advantage over their...
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Data analytics shows that Chinese companies misclassifying goods to evade US customs tariffs

GateHouse Media data analysts say Chinese importers are misclassifying of products to the US by changing product codes to avoid the higher tariffs. In particular, the analysis reveals nearly a dozen Chinese imports — including woven fabrics, furniture mounts and lamps are being misclassified. The findings correspond with the information provided during...

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LLB Verwaltung Swiss bank to pay 10.6 million to the U.S. for concealing U.S. tax evaders from the IRS

LLB Verwaltung (Switzerland) AG, formerly known as “Liechtensteinische Landesbank (Schweiz) AG” (LLB-Switzerland), a Swiss-based private bank, will pay a penalty of $10,680,554.64 to the United States. According to the statement of facts agreed to by the parties, LLB-Switzerland and some of its employees, including members of the bank’s management, conspired with a...

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Chinese billionaire indicted for evading $2 Bill. in U.S. tariffs smuggling aluminium into U.S. via Mexico and he faces up to 465 years in prison

Chinese billionaire Liu Zhongtian who founded the aluminum maker China Zhongwang, has been indicted by a federal grand jury on charges that he evaded nearly $2 billion in tariffs as part of a conspiracy to evade U.S. tariffs by smuggling China-made aluminum into Mexico and driving them into the U.S. according to the Wall...
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Customs and Border Protection investigating Minnesota company for tariff evasion for hiding “Made in China” stickers on surge protectors

Customs and Border Protection is looking into a Minnesota company for tariff evasion after a Channel 9 and Cox Media Group investigation which found the country of origin labeling irregularities on surge protectors made in China. CyberPower Systems surge protectors being sold in Home Depots. Cox Media Group stations in Atlanta, Boston, Jacksonville, Memphis,...
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