Another tax evasion case: Citi may be fined $600,000

 According to some speculations the Financial Industry Regulatory Authority is expected to fine Citigroup Inc $600,000 for derivatives transactions that helped foreign clients avoid taxes on dividends.

The source with the knowledge of the matter reported that the fine is expected to be announced on Monday. The move comes as nations around the world are starting to prosecute tax evasion so as to close widening budget gaps fueled by economic slump.

Earlier the US started its tax recovery from the prosecution of the Swiss banking giant UBS AG who agreed to pay $780 million to settle criminal claims that it helped U.S. citizens evade taxes.