Category: Deutsche Bank

Deutsche Bank to pay $425 million fine over Russian money-laundering scheme: New York regulator

Deutsche Bank will pay a $425 million fine in relation to a money-laundering scheme that regulators say moved $10 billion out of Russia, the New York State Department of Financial Services said Monday. The department said Deutsche was moving money out of Russia by using a stock “mirror trading” strategy,...

German taxman goes after foreign banks

German state prosecutors are investigating nearly 60 foreign banks for “abetting tax evasion,” a newspaper report has said. Self-declaring former tax-evaders are proving a particularly valuable source of information. Prosecutors in Germany’s most populous state are investigating 57 foreign banks on charges of abetting tax evasion, according to the “Süddeutsche...

Markit launches tax utility

LONDON & NEW YORK–(BUSINESS WIRE)–Markit (Nasdaq:MRKT), a leading global provider of financial information services, today announced the launch of a tax utility. The initial offering supports compliance with US Treasury FATCA obligations. Designed in partnership with Deutsche Bank, HSBC and Morgan Stanley, the service provides tax form validation and secure...

London court slams UBS offshore tax schemes

Offshore schemes operated by Swiss bank UBS and Germany’s Deutsche Bank in a bid to avoid paying income tax on bankers’ bonuses are not exempt from tax, the Supreme Court in London ruled Wednesday. British tax authorities, who brought the court action, said the schemes set up by the Swiss...

Talking Tax in Shanghai

In Shanghai, Wolfgang Schäuble is urging his fellow G20 countries to put new rules to tackle tax avoidance into law. Back home, business leaders worry that German companies could be left exposed by the new rules if they are introduced unilaterally or go too far. The finance ministers of the...

ADCB launches new private banking proposition

Abu Dhabi Commercial Bank (ADCB), today announced the launch of “ADCB Private” , a new private banking proposition providing globally sophisticated banking and wealth management solutions for high-net-worth customers, delivered from the UAE. Wealthy clients in the region and the UAE have historically had to seek international banking and investment services...

Treaties and treats

In the heyday of strict implementation of tax laws, it is a welcome relief to some taxpayers that a tax treaty relief application (TTRA) is after all, what it is supposed to be, a relief. To begin with, tax treaties are entered into by countries to reconcile their respective fiscal...

Law Case Launched Against European Commission Over Tax Probe Cover-Up

Documentary Evidence European Union lawmakers sitting on the TAXE committee investigating corporate tax evasion in Europe say they have become frustrated at changes to their mandate and the unwillingness of the European Commission to hand over documents for their investigation. The matter is all the more personal as Commission President...

Labour and Tories Unite over Tax Avoidance

Information from Reuters has brought to light the fact that five of the biggest banks operating in the UK (and worldwide) paid not a penny in corporation tax in 2014. Efforts to crack down on this kind of corporation tax avoidance have brought together Westminster’s political right and left. Deutsche...

Exclusive: More banks pay no UK tax, Labour wants tougher approach

Two more investment banks have reported paying zero tax in Britain in 2014, prompting the opposition Labour party to urge the government to reverse a tax change it made for banks last year. Citigroup and Credit Suisse disclosed in the past fortnight that their main UK subsidiaries paid no corporate...

China suspends forex business for some foreign banks: sources

China’s central bank has suspended at least three foreign banks from conducting some foreign exchange business until the end of March, three sources who had seen the suspension notices told Reuters on Wednesday. Included among the suspended services are liquidation of spot positions for clients and some other activities related...

Bid to stamp out corporate tax avoidance unites Westminster parties

Current system viewed as unfair and too easy to circumvent Abolition of corporation tax is to be considered by a new cross-party group of MPs and peers who will subject ministers and business leaders to public interrogations in a bid to secure fairer and more responsible tax policies. The all-party...

UK Tax Haven: Five Big Investment Banks Paid No Corporation Tax in 2014

The British government is facing a credibility crisis over its pledge to ensure multinational corporations pay their fair share of tax, after it was revealed that five of the world’s largest investment banks paid no corporation tax in Britain last year, despite making billions in profits. Analysis of the banks’...

Exclusive: Seven big investment banks in UK paid just $30 million tax in 2014

LONDON (Reuters) – Seven of the biggest investment banks operating in London paid little or no tax in Britain last year, despite reporting billions of dollars in profits, a Reuters analysis of corporate filings shows. In recent months, the seven investment and corporate banks operating in London reported figures showing...

Yuan Crunch Spurs Banks to Hoard Abroad as China Curbs Outflows

Chinese banks from Hong Kong to London are selling a record amount of yuan-denominated certificates of deposit as China takes steps to curb outflows of the currency. Sales jumped to an unprecedented 66.1 billion yuan ($10.2 billion) this month, data compiled by Bloomberg show. That comes after Hong Kong’s pool...

Foreign Banks Pay To Avoid Tax Evasion Charges As More Americans Disclose Offshore Accounts

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...

Tata Steel to refinance $1.5bn offshore debt

Tata Steel’s Singapore arm T S Global Holdings Pte raised $1.5 billion debt to settle outstanding loans, the company said in a statement. Tata Steel group executive director-finance and corporate Kaushik Chatterjee said, “Tata Steel actively reviews all its financing options and seeks to continuously optimise its debt based on...

More than 50 banks which helped American clients dodge tax in Swiss bank accounts receive immunity from criminal prosecution in US

More than 50 banks which helped American clients dodge tax in Swiss bank accounts have received immunity from criminal prosecution in the US. The firms, which include UK giant Standard Chartered, Germany’s biggest lender Deutsche Bank, and France’s BNP Paribas, have reached plea bargains with the US Department of Justice....

Swiss bank to pay tax evasion penalty

Switzerland’s EFG Bank is to pay a penalty of $29m to the US Department of Justice to avoid prosecution for helping its American account holders evade taxes. The bank came forward as part of a voluntary programme launched in 2013, which allows Swiss banks to admit their potential role in...

Deutsche Bank’s Swiss Unit to Pay $31 Million in Tax Case

Deutsche Bank AG’s Swiss unit agreed to pay $31 million to receive a non-prosecution agreement in a U.S. probe of banks in Switzerland that helped Americans evade taxes. The accord announced Tuesday by the Justice Department is the third-largest of 57 reached this year with Swiss banks. The firms, which...

Julius Baer’s Meier Says Future for Advice Is Local

Veteran banker says India purchase reflects client demand for onshore private banking advice. Julius Baer’s Asia Pacific head Thomas Meier is preparing to leave Asia after 20 years, but he isn’t leaving Asia behind. The veteran banker, who also worked at Credit Suisse and Deutsche Bank, will continue to oversee...

Why Billions of Dollars in Estate Taxes Go Uncollected

They say the only certain things in life are death and taxes, but a large number of non-U.S. citizens may have found a way to avoid at least one of those. Under U.S. tax law, the estates of foreign holders of U.S. assets, such as stocks, real estate and valuables,...

Six ways the ATO uses data to catch tax-dodgers

How analytics will nab cheaters. Tomorrow is the Australian Taxation Office’s official cutoff for 2014-15 personal tax returns. Will you be tempted to tell fibs about your income? How will the tax man ever know? Take note: it may already know – or at least can find out – a...

Foreign portfolio investors seek stable tax policies to set up fund management businesses

NEW DELHI: Foreign portfolio investors have sought stability in taxation policies as the government looks to lure them to set up fund management business in the country. They have made a number of suggestions, Economic Affairs Secretary Shaktikanta Das said after a meeting of the finance ministry with representatives of...

Putin Allies Said to Be Behind Scrutinized Deutsche Bank Trades

Several close associates of Russian President Vladimir Putin may have benefited from Deutsche Bank AG trades that are now coming under the glare of U.S. prosecutors, according to people familiar with the matter. The U.S. Department of Justice is investigating whether Germany’s biggest bank properly vetted as much as $6...

CORRECTED-UPDATE 1-Dutch trust firm Intertrust seeks 475 million euros in IPO

(Corrects first and sixth paragraphs to make clear Intertrust does not provide tax advice) (Reuters) – Intertrust, which provides tax and regulatory compliance services to 17,000 companies, said on Monday it will seek an initial public offering (IPO) of shares on the Euronext stock exchange. The Amsterdam-based company did not...

China Thwarts Morgan Stanley, UBS as It Opens Yuan Bond Market

When it comes to opening its $5.7 trillion bond market to global central banks, China is rolling out the red carpet. The world’s top underwriters are struggling to get in the back door. Morgan Stanley set up a joint venture that’s helped manage 30.2 billion yuan ($4.9 billion) of note...

US$21tril to US32tril stashed away in tax havens pose economic challenge

CAPITAL flight to offshore tax havens, estimated at between US$21 trillion to US$32 trillion, poses a major challenge especially in tackling income inequality, poverty and debt issues. In total, 10 million individuals around the world hold assets offshore, with almost half of the minimum estimate of US$21 trillion to US$9.8...

Dubai: Shrinking western banks prompt DIFC to shift east

The Dubai International Financial Centre spent the first 10 years of its existence looking to banks in the West. It’s planning to spend the next decade looking East, reports the Gulf Times. DIFC, as the tax-free business park is called, became the Middle East’s biggest financial centre by attracting the...

HSBC, JPMorgan may move parts of businesses to Luxembourg – The Times

HSBC Holdings Plc and JPMorgan Chase & Co are in talks to relocate parts of their businesses to Luxembourg from the UK as they weigh the possibility of a British exit from the European Union, the Times reported. JPMorgan is close to setting up a bank based in Luxembourg to...

HSBC to Shed 50,000 Jobs in Overhaul of Global Business

LONDON — Like other global institutions, HSBC, Europe’s largest bank, has been under severe pressure since the 2008 financial crisis to cut costs, meet stringent new regulatory demands and satisfy restless shareholders. To that end, the British bank said on Tuesday that it would shed as many as 50,000 of...

Investment Funds Update – Europe: Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles: UK

MiFID II – FCA Issues Discussion Paper on MiFID II Implementation Measures The FCA issued a discussion paper (DP15/3) on 26 March 2015, asking firms for their views on a range of MiFID II implementation measures, including on: The revised inducements standards. Receipt of commissions and other benefits by discretionary...

Big bucks, but no bankers jailed in $5.7B settlement

Six of the biggest names in global finance shelled out billions of dollars Wednesday to settle charges of rigging currency markets, but liberal lawmakers complain the government is just doling out slaps on the wrist. On Wednesday, the Justice Department announced a settlement that also saw five banks plead guilty...