Sofia. Judicial proceedings against Bulgarian politician Hristo Biserov is terminated and returned to the Prosecutor’s Office to remove breaches in the factual part, the press office of Sofia City Court announced. The order is subject to appeal and protest before the Sofia Court of Appeal in 7 days of service… – Continue reading
MADRID (Reuters) – Herve Falciani, a former HSBC employee who leaked information on the bank’s clients and tax situation, told Spanish newspaper El Mundo he had knowledge of other cases and could act again, adding his “work was not done”. Falciani previously said that media leaks on HSBC accounts held… – Continue reading
NEW DELHI:Investment made by individuals or other entities may not have broken the law or acted improperly to hide details, details of investments made in famous tax haven countries or countries with little to offer besides registration of mail box entities are indeed intriguing. For example, total investment to Switzerland… – Continue reading
Hong Kong’s Secretary for Financial Services and the Treasury, K C Chan confirmed that the Government and regulators remain fully committed to combating money laundering and tax evasion, following the latest reports of foreign banks being used to open offshore accounts. In response to a question in the Legislative Council,… – Continue reading
Hong Kong (HKSAR) – Following is a question by the Hon Frederick Fung and a written reply by the Secretary for Financial Services and the Treasury, Professor K C Chan, in the Legislative Council today (April 29): Question: It has been reported that an investigation conducted jointly by an international… – Continue reading
Asks Jaitley why the govt not keen to avail of German offer to share info on offshore accounts Former Union Law minister and senior lawyer Ram Jethmalani on Tuesday put the Union finance minister Arun Jaitley on the witness box and slapped him with a dozen questions on the Narendra… – Continue reading
They are even engaging in strong-arm tactics with US account holders Swiss banks, for decades the bastions of secrecy, are preaching the virtue of transparency to their US clients as they try to head off billions of dollars in potential fines for helping Americans evade taxes. Faced with the threat… – Continue reading
A bill that could allow the state to collect taxes on corporate profits in offshore tax havens to fund Colorado schools survived a narrow party-lane vote in the state House of Representatives on Tuesday. The Democrats’ bill, which passed the House 33-31, faces a tough road as it moves from… – Continue reading
One million American citizens in Canada face double tax troubles. Max Reed explores these challenges in a spring series. The United States has two tools with which to collect information on accounts held by its citizens, FATCA and FBAR. Lots of attention has been paid to FATCA, less so to… – Continue reading
Sofia. At the request of the Commission for Establishing Property Acquired from Criminal Activity Sofia City Court levied distraint on property of former MP Htristo Biserov and his step-son Ivaylo Glavinkov, worth BGN 1,555,883, the press office of the commission announced, as cited by the Bulgarian National Radio (BNR). The… – Continue reading
Mr Le Pen allegedly hid gold bars and cash worth £1.57 million in an account with a Swiss bank in the Bahamas, according to the latest leak from corruption investigations into the Front National Jean-Marie Le Pen, the founder of the French far-Right Front National, hid €2.2 million (£1.57m) in… – Continue reading
Americans have overcome oligarchy before — and there’s no reason we can’t do it again. Rising inequality seems to pose an insurmountable political problem. If the underlying causes are technological change and globalization, the forces appear to be unstoppable. Alternatively, if the causes are primarily political and involve the power… – Continue reading
The world’s high and ultrahigh net worth families are run much like businesses these days, with family governance in place as well as fund structures in favourable tax jurisdictions that allow for consolidated reporting across diversified assets. That is the way the world is moving, with global tax authorities grouping… – Continue reading
The U.S. Securities and Exchange Commission and the IRS are opposing bankrupt billionaire Samuel Wyly’s motion to sell his Woody Creek ranch because they believe he would hide sales proceeds in offshore accounts, according to court filings made earlier this month. Wyly, who filed for Chapter 11 bankruptcy Oct. 19… – Continue reading
On March 30, 2015, the U.S. Department of Justice announced that it had entered into a nonprosecution agreement with BSI SA, the first Swiss bank to reach resolution with the U.S. government as to its potential criminal exposure for assisting its U.S. clients in engaging in tax evasion.[1] As part… – Continue reading
In what is becoming an increasingly used attack vehicle, the Department of Justice (DoJ) is using the “required records doctrine” to compel taxpayer’s to produce what may be incriminating evidence of ownership or control of foreign financial accounts. The DoJ process involves the issuance of a Grand Jury subpoena for… – Continue reading
PANAMA CITY (AP) — – Panama took a major step in an effort to clean up its reputation as Latin America’s premier hub for money laundering. The nation’s legislature late Wednesday unanimously approved a proposed law that will toughen supervision of more than a dozen non-financial sectors where illicit proceeds… – Continue reading
Panama took a major step in an effort to clean up its reputation as Latin America’s premier hub for money laundering, reports the AP. The nation’s legislature late Wednesday unanimously approved a proposed law that will toughen supervision of more than a dozen non-financial sectors where illicit proceeds from the… – Continue reading
New Delhi, April 21: The Supreme Court (SC) on Tuesday asked the Special Investigation Team to submit by May 12 for its consideration the status report on its work on bringing back unaccounted money stashed away in tax havens abroad. Supreme CourtThe directive came in the light of jurist Ram… – Continue reading
MUMBAI: April is turning out to be the cruellest month for HSBC Geneva account-holders in India. Till now, only one — a Mumbai-based senior professional — among the thousands named on the list based on stolen data has been able to obtain a clean chit from Swiss authorities. Most others… – Continue reading
CHEYENNE, WY, April 17, 2015 /24-7PressRelease/ — OUTPOST PROVISIONING LLC today announced the launch of its “Wyoming…the Offshore Alternative” campaign alongside release of its Wyoming Paymaster Purpose Trust product. “Wyoming…The Offshore Alternative” touts Wyoming as being the Offshore-equivalent for wealth protection without the inconvenience, scrutiny, compliance costs and risks involved… – Continue reading
Chinese authorities will cooperate with Indonesia to confiscate more than $500 million of ill-gotten assets illegally transferred to China by corrupt Indonesian banking officials. Under the Treaty on Mutual Legal Assistance in Criminal Matters between China and Indonesia that took effect in 2006, the Ministry of Justice will “give support… – Continue reading
At least 21 financial advisers in Switzerland charged with aiding American tax dodgers are at large With its tan marble floors and leather-clad reception desk, the staid Zurich offices of the Julius Baer Group, one of Switzerland’s largest private banks, are an unlikely place to find an alleged fugitive from… – Continue reading
Taipei, April 16 (CNA) A record high in Chinese yuan deposits taken by banks registered in Taiwan as of the end of March show optimism that the Chinese currency will appreciate against the U.S. dollar in the long run, analysts said Thursday. They said that China is gearing up to… – Continue reading
An agreement was signed between GIFT SEZ and NCDEX on Thursday at Gandhinagar, according to a joint media statement Ahmedabad: National Commodity & Derivatives Exchange Ltd (NCDEX), India’s leading online commodity exchange, said it will set up an international commodity and derivatives exchange in the special economic zone (SEZ) area… – Continue reading
The funds management industry has welcomed a commitment from Assistant Treasurer Josh Frydenberg to make tax and corporate law changes that will boost the export of asset management services to Asia. Complex and uncompetitive legal and tax settings in Australia have acted as a handbrake on the export of financial… – Continue reading
Guernsey’s fiduciary sector was represented at a prominent international estate planning conference in the United States. Three representatives of Trust Corporation International attended the 11th annual International Estate Planning Institute event in Times Square, New York, where the firm was also a gold sponsor. A distinguished panel of experts debated… – Continue reading
TWELVE members of a counterfeit drug ring – including six from the Grimsby area – raked in more than £10 million selling fake Viagra under the cover of a mail-order fishing tackle business. The UK-wide conspiracy offered cheap erectile dysfunction pills to online and face-to-face customers around the world. The… – Continue reading
Government chief whip Paul Kehoe is to write to the Ceann Comhairle, Seán Barrett, recommending that a motion of censure be moved against Mary Lou McDonald. The Sinn Féin deputy leader was found to have abused Dáil privilege when she named former politicians in the chamber who were accused of… – Continue reading
Only one change in expat offshore money rates for the week – a new account launched by Skipton International. The 18 month fixed rate bond follows the market lead in offering shorter fixed terms. The rate is 1.75% and savers can open an account with £10,000. The savings market is… – Continue reading
Bank of India, Bank of Baroda, Corporation Bank, Punjab & Sind Bank, HDFC Bank and many others have signed up for space in Gujarat’s International Finance Tec-City (also known as Gift City). In fact, banks are expected to be the first to kick off operations in 2016/17, when the International… – Continue reading
The ‘Green Governor’ has a reputation for innovative thinking and problem solving. He is renowned for his support of the agriculture sector and his focus on SME as well as green banking. As one of the most progressive and well-respected Central Bank Governors in the world, United World discusses Bangladesh’s… – Continue reading
It has become increasingly fashionable to compare the results of Greece and the Baltic States’ response to the financial crisis of 2008, most recently last month with the Financial Times’ column with John Dizard. This, however, is a classic textbook case of comparing apples to oranges. Greece’s crisis was chiefly… – Continue reading
The Wall Street Journal reports that Swiss bank whistleblowers Bradley Birkenfeld and Hervé Falciani are schedule to take part in a panel discussion at the OffshoreAlert Conference in Miami Beach May 3-5. The panel entitled “Inside the UBS & HSBC Leaks,” will take participants “inside the UBS and HSBC leaks… – Continue reading
(Reuters) – India is considering allowing companies to raise rupee debt offshore, the country’s central bank said on Tuesday, noting strong demand for such debt following issues by Asian Development Bank and International Finance Corp. “These issues have been received with interest. The appetite for rupee debt amongst international investors… – Continue reading
Advocacy group’s founders involved in crimes, bankruptcy, and offshore relocation. One of the newly-elected board members of the Bitcoin Foundation—the 2.5-year-old organization that was meant to bring order to the famously open-source and freewheeling cryptocurrency—has declared the group “effectively bankrupt.” While the Bitcoin Foundation obviously does not have control over… – Continue reading
Back in 2013, when one cuts through the rhetoric and posturing, what the Cyprus depositor bail-in and subsequent capital controls were all about, was an attempt to confiscate deposits of ultra-wealthy Russian billionaires held the banks of this beloved by the Russian oligarchy offshore tax haven. At least that was… – Continue reading
Taipei, April 4 (CNA) Banks registered in Taiwan suffered a fall in profit for the first two months of this year after financial authorities here imposed restrictions on the trading of a type of risky derivatives, according to the Financial Supervisory Commission (FSC). Statistics compiled by the FSC, the top… – Continue reading
More and more Americans are opening offshore bank accounts. This article provides statistical details about why this is so, that offshore banking can be safe and legal and which banking jurisdictions are safest. Apr. 3, 2015 / PRZen / VALENCIA, Calif. — Offshore banking is growing in leaps and bounds… – Continue reading
The banking sector’s risk from a cooling housing market might be contained, as prudential measures and the likely reversal of an accommodative monetary policy have helped check property speculation and the buildup of systemic risk, Fitch Ratings Ltd said yesterday. “The sector’s household debt servicing would remain manageable under a… – Continue reading
The measure of bank strength favoured by the financial system inquiry – capital levels – is too narrow, and assessing capital by reference to offshore banks will create “uncertainty and unintended consequences”, National Australia Bank has told Treasury. The more capital a bank holds, the less leveraged it is, which… – Continue reading
Government threatens to disclose identities in official gazette after Switzerland pledges to help tax officials in India HSBC customers in India suspected of tax evasion have been given 30 days to nominate a legal representative in Switzerland or face seeing their names published in the country’s official gazette. The bank… – Continue reading
Asia-Pacific Banks: Chart of the Month – Taiwan here TAIPEI, March 31 (Fitch) Fitch Ratings says in a new report that it expects risks to the Taiwanese banking sector from a cooling housing market to be contained. Macro-prudential measures and the likely reversal of an accommodative monetary policy have helped… – Continue reading
The government may be going all out to promote Gujarat International Finance Tec-city (GIFT) as a financial services hub on the lines of Singapore, Hong Kong, Dubai and London, but an immediate migration of business — initially estimated to be $50 billion annually — away from these established centres would… – Continue reading
A vote in favor of repealing FATCA sends a message: a message to foreign banks that they can get back to helping wealthy Americans hide their assets and use offshore accounts to evade tax. In anticipation of yesterday’s Senate’s budget resolution “vote-o-rama,” Sen. Roger Wicker (R-Miss.) has introduced an amendment… – Continue reading
Introduction Every non-US entity has FATCA status Passive NFFEs report substantial US owners Trustee of trust or its sponsoring entity will report US persons Other reporting FFIs in structure will carry out FATCA due diligence Reporting when US account holders are identified Enforcement Comment Introduction The policy statement in the… – Continue reading
Attorney General Eric Holder will leave office with a perfect record of not having busted a single senior banker The bank, HSBC, has been involved in criminal enterprises from dealing with terrorists and drug dealers to advising clients how to escape paying taxes. Yet no HSBC banker has gone to… – Continue reading
The tiny island nation of Dominica in the Caribbean is positioning itself as another offshore banking facility. However, its prime minister warns that if one is thinking of parking ill-gotten gains in his country, to think again. “We are open for business but at the same time we have rules,”… – Continue reading
Former Greek Finance Minister Giorgos Papakonstantinou has been handed a one-year suspended sentence after a court found him guilty of helping three people dodge millions in tax. One of Greece’s previous legislatures was offered by IMF head Christine Lagarde a list of Greek citizens holding offshore accounts, in a move… – Continue reading
CARACAS, VENEZUELA – Venezuela is launching a probe into large offshore bank deposits amid a spate of reports that at least $2 billion was siphoned off by corrupt, top-level officials at state-run oil company PDVSA. Chief prosecutor Luisa Ortega Diaz’s announcement Tuesday was the socialist government’s first response to the… – Continue reading
