The row between commercial banks in the Caribbean and the larger ones on the American mainland just would not go away. In the past week, finance officials from across the globe and from multilateral institutions such as the International Monetary Fund (IMF) flew to Antigua for a conference on the… – Continue reading
Days of underpaying taxes to end soon as China takes part in worldwide scheme on swapping information on foreign residents’ financial assets The mainland tax agency wants to collect the financial information of non residents who live in China as it takes part in a multilateral scheme to crack down… – Continue reading
The Trudeau government has won a round in its battle against offshore tax cheats. Two banks have agreed to give the federal revenue minister information from the accounts of a Caribbean financial institution to help the government crack down on Canadian tax evaders. The Federal Court of Canada has approved… – Continue reading
Things just keep getting worse for Gene the Taxi King. A federal judge ruled Tuesday that New York taxi mogul Evgeny “Gene” Freidman illegally transferred more than $60 million in real estate assets into offshore trusts as a means of evading ex-lender Citibank. The ruling, which cited “numerous and glaring”… – Continue reading
If taxed on the nearly $100 billion dollars they keep offshore, the largest U.S. financial institutions could cover the U.S.’s entire poverty-focused foreign assistance budget for 2014. Tax havens are a scourge. They allow individuals and institutions to cloak their financial activity in secrecy to escape and undermine other jurisdictions’… – Continue reading
The investigation and prosecution of tax evasion has, in the last decade, grown from a specialized subcategory of law enforcement into a first-tier policy concern for the global community. Starting with the U.S. government’s crackdown on Swiss bank UBS in 2008, there has been a steady drumbeat of news about… – Continue reading
On September 16, 2015, the United States District Court for the Southern District of Florida entered an order allowing the IRS to proceed with “John Doe” Summonses seeking information regarding US persons who hold offshore accounts at Belize Bank International Limited and Belize Bank Limited (the “Belize Banks”).1 These summonses… – Continue reading
The taka has continued to decline against the dollar in the past three weeks due to sustained demand for the greenback from banks and importers, according to data from the Bangladesh Foreign Exchange Dealers’ Association. The average BC (bills for collections/import payments) selling rate reached over Tk 80 a dollar… – Continue reading
The taka has continued to fall against the dollar for two weeks now after nearly one year of an unchanged exchange rate, according to data from the Bangladesh Foreign Exchange Dealers’ Association. “Market forces are determining the exchange rate,” said Kazi Sayedur Rahman, general manager of Bangladesh Bank’s foreign exchange… – Continue reading
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… – Continue reading
Two banks owned by former Tory Party vice-chairman Lord Ashcroft are at the centre of a major US tax evasion investigation. Authorities are probing whether wealthy Americans have been using the banks, based in the Central American tax haven Belize, to shelter funds offshore. Billionaire Lord Ashcroft is the majority… – Continue reading
AS the more lurid and unproven claims in Lord Ashcroft’s self-published hatchet job on the prime minister attract widespread ridicule, more embarrassment looms for the Tory peer concerning his banking operations in shady Belize. The US Department of Justice recently issued a summons for details of so-called correspondent bank accounts… – Continue reading
An offshore bank account is a must for many internationally mobile expats operating in the UAE and Middle East. But finding the right bank with the right extras as well as high service standards isn’t easy. There are plenty of big names to choose from, including the global operators Barclays,… – Continue reading
US taxpayers with secret bank accounts in Belize are about to feel the full force of the Internal Revenue Service (IRS). A federal court in Miami has issued summonses against Belize Bank International and Belize Bank aiming to identify accounts controlled by US taxpayers from 2006 until 2014. Belize banks… – Continue reading
U.S. authorities have targeted Belize-based banks in a new expansion of their hunt for Americans suspected of evading taxes by hiding income and assets in offshore accounts. A federal court in Miami on Wednesday approved special “John Doe” legal summonses seeking information about U.S. taxpayers who may hold undeclared accounts… – Continue reading
HSBC’s Argentine unit told to remove CEO and one director HSBC accused of helping capital flight by wealthy Argentines Argentina’s central bank revoked the licenses of two top executives at HSBC Holdings Plc’s local unit, including the chief executive officer, arguing they had failed to prevent clients from laundering funds… – Continue reading
The news that Royal Bank of Canada plans to sell its wealth management services in Barbados no doubt caused some people to question the island’s future as a major centre for this type of business. After all, if the biggest player is leaving the field, what might this say to… – Continue reading
