Category: Banking Secrecy

Anti-Money Laundering Software Market to Generate the Revenue of US$ 4,262.0 Mn by 2026

Companies, especially in the financial services industry are investing in the anti-money laundering software to effectively track the transactions and eliminate the risk of fraudulent. Companies offering anti-money laundering software are also focusing on providing effective and efficient software including currency transaction reporting software, transaction monitoring software, compliance management software,… – Continue reading

Philippine FIU Seeks an End to Bank Secrecy Law

The AML Council is seeking additional powers to combat financial crime, including the lifting of the bank secrecy law, which would allow it to check all accounts regardless of transaction thresholds. The Philippine AMLC (Anti-Money Laundering Council) is seeking additional powers to combat financial crime as part of the BSP… – Continue reading

New tax amnesty bill a ‘very tall order,’ says lawyer

MANILA – Passing another general tax amnesty bill, which will include provisions to amend the bank secrecy law, is a “very tall order” with lawmakers “sensitive” on the issue, a corporate tax lawyer said Tuesday. President Rodrigo Duterte earlier called on Congress to pass another general tax amnesty bill which… – Continue reading

Swedbank hires EY to conduct forensics into money laundering

Swedbank, one of the largest banks in Sweden, has hired professionals services firm EY to investigate the bank’s possible involvement in large scale money laundering. According to media reports in Sweden, over the period of nearly ten years the bank facilitated approximately $5.8 billion worth of suspicious transactions. The transactions… – Continue reading

Banks may declassify expatriate client data

KUWAIT CITY, Jan 13: The Fatwa and Legislation Department has submitted to the Council of Ministers a draft law that allows banks to declassify the data of their customers, as provided by the CRS Convention on Join Reporting, reports Al-Rai daily quoting sources. The Common Reporting Standard (CRS) is an… – Continue reading

New IRS offshore amnesty regime imposes bigger penalties for secret accounts

The US Internal Revenue Service (IRS) has issued guidance on the voluntary disclosure regime now in force, following the termination of its offshore predecessor on 28 September 2018. The new rules are effective for all disclosures after that date. And the possible penalties have gone up quite significantly. One of… – Continue reading

Swiss-US tax data transfer method ‘violates law’

The Swiss Data Protection Commissioner has issued a legal complaint against the Finance Ministry for sending the names of bank employees, lawyers, accountants and other third parties to the United States to assist with tax evasion investigations. The Swiss Supreme Court has already issued a ruling that bans the indiscriminate… – Continue reading

IRS bank secrecy program has little impact on tax compliance

The Internal Revenue Service’s Bank Secrecy Act program, in which it is supposed to safeguard against money laundering, is having only a minimal impact on tax compliance, according to a new report. The report, from the Treasury Inspector General for Tax Administration, noted that the Currency and Foreign Transactions Reporting… – Continue reading

Advocacy Group Says EU’s Tax Haven Blacklist Is Failing

Tax havens are typically assumed to be islands in warm climates offering low tax rates for organizations looking for a lucrative loophole. But these “havens” are also sought after for opaque financial laws that can allow organizations to get away with illegal activity, like money laundering. Now, a new report… – Continue reading

Switzerland forced to share information on HSBC Indian clients

Switzerland’s Supreme Court has ordered the country’s authorities to turn over information on HSBC accounts with the Indian government regarding two of its citizens. Both clients had fought the release on the grounds that India’s request for assistance in a tax-dodging probe arose from stolen bank data. The case involved… – Continue reading

Profit shifting a regional issue: Palaso

Profit shifting by large companies is a regional issue that can be addressed through improved information sharing between tax authorities of economies, says Internal Revenue Commission commissioner-general Betty Palaso. She said this at the opening of the Advancing Base Erosion and Profit Sharing (BEPS) and Automatic Exchange of Information (AEOI)… – Continue reading

The cabinet will strengthen the control of tax authorities over wealthy Ukrainians.

From 1 January 2019 rich Ukrainians can be under scrutiny of tax authorities. This draft law was developed on the eve of the Finance Ministry, writes in his article for EP Galina Kalachova. The author notes that understanding of Finance, a taxpayer with high income is someone who meets one… – Continue reading

Switzerland set to amend anti-money laundering law

Stepping up efforts to curb illicit fund flows, Switzerland plans to amend its anti-money laundering law wherein financial intermediaries will be required to verify information on beneficial owners. The Alpine nation, known for its banking secrecy practices, has been taking various measures in the fight against black money amid intense… – Continue reading

Finance studying three types of tax amnesty measures

Finance Secretary Carlos Dominguez III said Tuesday the government is studying three kinds of tax amnesty programs. Dominguez said these programs would include amnesty for the estate taxes, amnesty for those who were remiss in paying their taxes and amnesty for those who had tax cases. “There are three kinds… – Continue reading

European Commissioner: Bank Secrecy No Longer Exists in Europe

MOSCOW (Sputnik) – Pierre Moscovici said Monday that bank secrecy was no longer a reality in Europe since EU tax authorities automatically exchanged information about bank accounts opened within the bloc. “Bank secrecy no longer exists in Europe. If anyone has a bank account in Switzerland we are immediately being… – Continue reading

Bermuda Ranked 36th In Financial Secrecy Index

Bermuda is ranked 36th in the 2018 Financial Secrecy Index, which was recently released by the UK-based Tax Justice Network, who stated that some of the world’s “important providers of financial secrecy” are “mostly not small, palm-fringed islands as many suppose, but some of the world’s biggest and wealthiest countries.”… – Continue reading

Panama inks multilateral tax pact to end bank secrecy

NEW DELHI, JANUARY 16: Panama, a popular tax haven that was in the eye of a data-leak storm dubbed ‘Panama Papers’ in 2016, has finally signed an international agreement that would pave the way for exchange of financial account information with the international community. By signing this agreement — CRS… – Continue reading

Swiss Come Clean Amid Data Swaps

Switzerland’s abandonment of banking secrecy for international tax dodgers is having an unexpected side effect at home: more domestic tax cheats with accounts around Europe are coming forward. If 2017 was the glide path for Switzerland’s international data-swapping agreements, this year means business: Swiss banks must automatically share client data… – Continue reading

Diokno proposes new tax amnesty

The Department of Budget and Management (DBM) raised the possibility of granting a general tax amnesty to lure individuals and corporations with outstanding liabilities to settle their obligations without fear of being slapped with criminal charges. Following the tax settlement of cigarette-firm Mighty Corp. with the government, Budget Secretary Benjamin… – Continue reading

Swiss Bankers Urge Care In Information Exchange

The CEO of the Swiss Bankers Association (SBA) has stressed that confidentiality, data security, and data protection requirements must be complied with when the automatic exchange of tax information gets underway. Claude-Alain Margelisch argued that there should also be a “number of security mechanisms in place that protect customers and… – Continue reading

Banker’s Toolbox addresses beneficial ownership rules

Banker’s Toolbox, Inc., the leader in Bank Secrecy Act anti-money laundering compliance solutions for financial institutions, announced today the launch of its Due Diligence Manager solution for Beneficial Ownership. This extension of the existing BAM+ platform delivers exciting and holistic features including a completely flexible question builder and automated periodic… – Continue reading

Tax amnesty plan premature, says Citi

MANILA, Philippines – Instead, the government should pursue the enactment of the proposed Comprehensive Tax Reform Program (CTRP) before pursuing a tax amnesty program, Citi economist Jun Trinidad said. He said fiscal priority remains the passage of the first component of the tax reform measure that includes income tax cut… – Continue reading

Tax amnesty plan faces hurdles – Credit Suisse

MANILA, Philippines – Investment bank Credit Suisse said an effective tax amnesty program would face hurdles in the Philippines due to the country’s strict banking secrecy law. In its Asian daily report titled “Philippines: Credible threat still lacking,” Credit Suisse economist Michael Wan said the planned program announced by Finance… – Continue reading

Bank transparency, data matching for tax purposes

The government’s plan to issue a regulation in lieu of law (Perppu) concerning banking transparency, which includes allowing the tax authority to access taxpayers’ bank data, has sparked hot public debate. The proponents argue that such an initiative is critical, outlining the fact that the government has to comply with… – Continue reading

Anti-money laundering rule looms for advisers

WASHINGTON — In the current deregulatory environment, investment advisers might expect a reprieve from new federal compliance rules. But one exception is the proposal for an anti-money-laundering regulation, which experts believe is likely to become the law of the land, bringing with it a significant new compliance responsibility. A year… – Continue reading

CSBS releases tool to assist financial institutions with Bank Secrecy Act/Anti-Money Laundering risk

The Conference of State Bank Supervisors (CSBS) and state regulators have developed a self-assessment tool to help banks and financial institutions identify, monitor and communicate Bank Secrecy Act/Anti-Money Laundering (BSA/AML) risk. The BSA/AML Self-Assessment Tool is a spreadsheet intended to reduce uncertainty surrounding BSA/AML compliance and support more transparency within… – Continue reading

Global crackdown on tax evasion signals the end of bank secrecy era

Unknown to many Kenyans, Parliament’s passing of Finance Bill, 2016 that granted amnesty to Kenyan residents who have offshore incomes and assets in foreign banks had a very global agenda. The foreign income that is subject to amnesty is for the year ended December 31, 2016 and offers a waiver… – Continue reading

MOF rejects claim of Singapore as tax haven

A recent report has revived claims Singapore is a tax haven but the Singapore Government and experts here reject the label emphatically. They say the report contains inaccurate assertions and fails to recognise recent steps here to crack down on tax evasion. The Republic ranked fifth on a list of… – Continue reading

Switzerland eyes AEOI with 21 countries

Switzerland, which has been working to end its years-long practice of banking secrecy, on Thursday said it aimed to dramatically increase the number of countries it cooperates with toward international fiscal transparency. The Swiss government said in a statement that it wanted to extend the automatic exchange of information (AEOI)… – Continue reading

Andorra to renounce banking secrecy as it sheds tax haven status

Pyrenees principality approves automatic sharing of information on accounts held by non-residents from EU countries Andorran lawmakers have agreed to end banking secrecy in the Pyrenees mountains principality, approving automatic sharing of information on accounts held by non-residents. The General Council, Andorra’s unicameral parliament, approved a measure that will come… – Continue reading

Germany Prepares Crackdown on Letterboxes

Nov. 15 — The German Cabinet is preparing to address a bill Dec. 21 to combat tax evasion by cracking down on letterbox companies and banking secrecy as a response to the Panama Papers and other scandals involving sophisticated forms of tax planning. The bill, prepared by the Federal Ministry… – Continue reading

Taxman sets police on Finns coming clean on undeclared overseas income

Finns alarmed by cracks in the previously iron-clad Swiss banking secrecy have come forward to volunteer information about undeclared overseas income to Finnish tax authorities. They were hoping for immunity from fines or criminal sanctions but dozens now face police investigations. The Finnish Tax Administration has requested police investigations into… – Continue reading

German finance minister plans to clamp down on offshore firms with new draft law

German Finance Minister Wolfgang Schaeuble wants to force Germans to disclose their dealings with offshore firms in tax havens and make banks liable for lost tax income if they conceal their clients’ business with such firms, a draft law shows. Tax havens were thrown into the limelight in April when… – Continue reading

Official hails program to track secret Swiss bank funds

A Justice Department official on Friday hailed a U.S. government program that’s helping tax authorities finally track criminal activity around the world. At issue is the Swiss Bank program, which has helped authorities follow funds moved from Swiss accounts to around the world. “A lot of the U.S. account holders… – Continue reading

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… – Continue reading

Switzerland ratifies convention for automatic tax

Paving the way for the automatic exchange of tax information with India and other nations, Switzerland has ratified the multilateral convention on administrative assistance in taxation matters. The move marks a significant step in the continuing global efforts to crackdown on illicit fund flows in the system and do away… – Continue reading

Tax Agreements: From Double Taxation To Double Evasion

The issue of tax havens is inherently international in scope. As a result, the government can use tax agreements to fight tax avoidance schemes. Unfortunately, tax agreements haven’t been used for that purpose. On the contrary, they have facilitated the outflow of Canadian money to offshore financial centres, and have… – Continue reading

«Delaware» Crackdown: All Bark and No Bite?

The U.S. has used judicial might to successfully pursue offshore tax cheats all over the world. A little-noticed new rule introduced by Barack Obama’s administration gets tough on U.S. states such as Delaware and Nevada, which are notorious for murky shelters often used for illicit purposes. But there is a… – Continue reading

Warning against tax evasion: Indonesia to adopt aeoi next year

Indonesia will be among the first to join the group of countries adopting the Automatic Exchange of Information (AEOI) in 2018. AEOI would provide automatic exchange of tax information among the members of the group. All bank accounts in the world would be accessible for taxable assets. Dishonest and greedy… – Continue reading