Category: Coutts

HMRC complicite in tax avoidance with ‘Tax Haven based landlords’

HMRC complicite in tax avoidance scheme after it emerged it rents its own office from tax haven based company A day on, the world is still reeling from the revelations of the Panama Papers leak, the full repercussions of which are yet to be felt. Eleven million documents leaked from… – Continue reading

Major banks deny helping clients avoid tax offshore

HSBC, Credit Suisse and the Royal Bank of Scotland-owned bank Coutts Trustees have denied claims they are helping clients avoid tax by using complex offshore structures following the leak of the Panama papers. The banks were named in a list of 500 lenders who investigative journalists said had helped to… – Continue reading

IRS Still Hunts Offshore Accounts As More Foreign Banks Sign Deals With U.S.

With the web of FATCA information exchanges, whistleblowers, cooperating witnesses, and other sources, the IRS and Justice Department have a wealth of information at their disposal. They have warned offshore account holders to disclose before it’s too late. Under FATCA, banks everywhere want to know if you are compliant with… – Continue reading

IRS Adds More Foreign Banks To Disclosure Blacklist

The US Internal Revenue Service (IRS) has added more banks to the swelling list of financial institutions involved in tax avoidance. Customers of these banks owning up to past financial indiscretions under the Offshore Voluntary Disclosure Program (OVDP) face penalties based on balances over the past eight years. Penalties for… – Continue reading

US Justice Department Announces Resolution Under Swiss Bank Program With Union Bancaire Privée, UBP SA

The Department of Justice announced today that Union Bancaire Privée, UBP SA (UBP), reached a resolution under the department’s Swiss Bank Program. UBP will pay a penalty of more than $187 million. “Today’s agreement marks the final resolution with UBP, which acknowledges its role in conspiring with U.S. taxpayers to… – Continue reading

As Offshore Banks Agree To U.S. Tax Evasion Deal, Account Holders Must Deal With IRS

Lately, the IRS is warning offshore account holders to disclose before it’s too late. Under FATCA, banks everywhere want to know if you are compliant with the IRS. And the cost of compliance for many people is growing. The IRS updated its list of foreign banks where accounts trigger a… – Continue reading

US Swiss bank tax evasion program reaches $1 bn in fines

(MENAFN – AFP) US officials announced settlements with four more Swiss banks Wednesday to lift the total fines in the two-year disclosure program to more than 1 billion from 75 banks. “With today’s resolutions under the Swiss Bank Program, the department has reached agreements with 75 Swiss banks, imposed penalties… – Continue reading

RBS pays €23.8m to settle tax evasion inquiry into Coutts’ Swiss operation

Settlement with German prosecutors, which involves immunity for any current for former staff, is latest embarrassment for bailed-out bank Royal Bank of Scotland is paying €23.8m (£17.3m) to German prosecutors to settle an investigation into tax evasion by part of Coutts, best known for being banker to the Queen. The… – Continue reading

Barclays is fined £72m for secret deals with mega-rich: Bank shamed over no-questions-asked policy that left Britain vulnerable to financial crime

City watchdogs say Barclays adopted a no-questions-asked policy Bank did not check where ultra-wealthy clients’ money came from £72million fine has been imposed on the bank for turning a blind eye Barclays has been shamed over a murky £1.9billion deal with ultra-wealthy clients which left the country vulnerable to financial… – Continue reading

Offshore land ownership secrecy blocks police investigation into wildlife crime

Ownership of Kildrummy Estate creates legal block for police investigators POLICE INVESTIGATIONS into wildlife crime failed in the face of a bureaucratic nightmare identifying the landowner behind a complex structure of offshore land secrecy. The conviction of gamekeeper George Mutch for wildlife crimes committed in 2012 on Kildrummy Estate opened… – Continue reading

Former Manchester United and Arsenal stars ‘face ruin’ after failed investments reaching £100m

The company at the centre of the revelations denied any wrongdoing Some of the best-known names in British football face losing millions of pounds after being allegedly advised to invest in “risky” projects that have subsequently failed or were hit with tax bills. Rio Ferdinand and Andy Cole, both former… – Continue reading

“Cronies and cheating the taxpayer”: MP targets RBS bank tax avoiders in share sell off

Call to halt bank sale in favour of reform rejected by UK Government UK MINISTERS decided to “wash their hands” of a tax evasion scandal in a subsidiary of the government-owned Royal Bank of Scotland, according to damning testimony given by a former treasury official who is now a Labour… – Continue reading

Barclays Pressing Swiss Private Bankers to Double Client Assets

The new head of Barclays Plc’s Swiss unit is pushing private bankers in Geneva and Zurich to double client assets in four years as international competitors exit the world’s largest hub for offshore wealth. James Buchanan-Michaelson, who joined from Coutts International in June, aims to increase Swiss assets, including loans,… – Continue reading

How did London become ground zero for the global plutocracy?

The opening of Arthur Conan Doyle’s A Study in Scarlet finds Afghanistan veteran Dr John Watson pondering his future. Inevitably, he finds himself in London, “that great cesspool into which all the loungers and idlers of the Empire are irresistibly drawn”. The century that followed saw London lose much of… – Continue reading

Ingenious, HSBC, UBS and Coutts sued by ‘tax avoidance’ clients

Private client banks such as Royal Bank of Scotland’s Coutts, HSBC and UBS have been sued by clients for wrongly advising them to invest in film investment specialist Ingenious as its schemes have since been labelled by tax authorities as tax-avoidance vehicles. Ingenious Media and around 50 other associated financial… – Continue reading

Wealthy City investors sue finance firm Ingenious over film investments

Wealthy City investors are suing finance firm Ingenious along with banks Coutts and HSBC over the billion-pound film production schemes that Revenue & Customs has labelled tax avoidance vehicles. More than 100 investors, including Ken Costa, former chairman of investment bank Lazard, and Christian Hess of investment bank Investec, have… – Continue reading

Swiss Banks Strong-Arm Clients in U.S. Tax-Evasion Endgame

Swiss banks, for decades the bastions of secrecy, are preaching the virtue of transparency to their U.S. clients as they try to head off billions of dollars in potential fines for helping Americans evade taxes. Faced with the threat of penalties that could bankrupt some of them, almost 100 of… – Continue reading

New York Attorney General Announces America’s Cup Indictments

New York, NY (April 1, 2015) – Attorney General Eric T. Schneiderman today announced the indictment of individuals charged with conspiring to abuse the unique 19th century America’s Cup Charitable Trust to shelter profits to the offshore tax havens in Bermuda, Guernsey, and The Isle of Man. Beginning in January… – Continue reading

RBS Sells Coutts International to UBP in Swiss Retreat

(Bloomberg) — Royal Bank of Scotland Group Plc agreed to sell its Coutts International private banking business to Switzerland’s Union Bancaire Privee, as the bailed-out British lender retreats from the Swiss wealth market. RBS is expected to sell Coutts for 350 million francs ($360 million) to 400 million francs, depending… – Continue reading

RBS thinning out bidders for Coutts

LONDON, GENEVA — The Royal Bank of Scotland Group (RBS) is narrowing the field of bidders for its Coutts International private-banking arm to focus on Switzerland’s Union Bancaire Privée (UBP), people with knowledge of the matter said. UBP is the preferred bidder and an agreement might be reached as early… – Continue reading

HSBC ‘not representative’ of Swiss banking

Helping tax cheats or money launderers has never been an integral strategy of the Swiss financial centre, Swiss Bankers Association (SBA) chief executive Claude-Alain Margelisch tells as the HSBC ‘Swiss Leaks’ scandal continues. The unsavoury activities of HSBC, UBS AG (NYSE:UBS) and others, brought into the public domain by… – Continue reading

Coutts’ Swiss operation faces German investigation over tax evasion claims

Bank’s subsidiary in Switzerland is already being investigated by US authorities about whether it helped Americans evade tax The venerable Coutts bank, home of the Queen’s personal accounts, has been drawn into the mounting controversy about private banking with an admission that its Swiss arm is under investigation for aiding… – Continue reading

RBC exits wealth management in Cayman Islands, Caribbean

RBC Wealth Management has announced plans to discontinue its private wealth management business in the Caribbean. The strategy to “realign certain businesses within [its] international operations” was presented to staff in an internal memorandum last Thursday. It is not clear whether the business will be closed or sold. Paul French,… – Continue reading

Schroders latest to brace for US tax evasion fines

London: Schroders is the latest UK group to set aside millions of pounds for potential fines arising from a US investigation into companies that helped American clients evade taxes. Schroders, the UK’s second-biggest listed fund house, has reserved £15 million (Dh92 million) for a possible penalty in connection with the… – Continue reading