NEW DELHI: Following the Panama Papers leak, India is seeking to restart talks with the Central American country on a Tax Information Exchange Agreement (TIEA) that can help uncover information on wealth hidden away from public scrutiny. Talks with Panama on such an agreement aimed at information exchange on tax… – Continue reading
The Government of St. Kitts and Nevis, through its Inland Revenue Department has gone live with Vizor Software’s FATCA & AEOI solution, the FATCA Reporting Portal. Ottawa, Canada (PRWEB) March 17, 2016 Today, Vizor Ltd. announced that the Government of St. Kitts and Nevis has gone live with the Vizor… – Continue reading
CAN NEPAL IMPOSE CAPITAL GAINS TAX ON NCELL BUYOUT DEAL? This question has been making rounds ever since TeliaSonera, the largest shareholder in Nepali telecom operator, Ncell, announced its decision to sell 60.4 per cent of its stake in the telecom company to Malaysian giant, Axiata, for $1.03 billion. Divergent… – 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
Dreyfus Sons & Co. has operated for two centuries as a private Swiss bank, catering to Jewish clients who wanted to hide assets from the Nazis during the 1930s and World War II. More recently, it helped U.S. clients hide assets from the Internal Revenue Service by concealing their true… – Continue reading
On November 30, 2015, the UK tax authorities at HM Revenue and Customs (HMRC) reached an agreement with Jersey about the interpretation of the company residence tie-breaker provision of the Jersey-UK income tax treaty. After reviewing other income tax treaties that contain similar provisions, HMRC will now take the view… – Continue reading
The Department of Justice announced today that Banque Bonhôte & Cie SA (Banque Bonhôte) has reached a resolution under the department’s Swiss Bank Program. The Swiss Bank Program, which was announced on Aug. 29, 2013, provides a path for Swiss banks to resolve potential criminal liabilities in the United States…. – Continue reading
With the UK announcing new tax rules for foreigners living in the country, the government has been careful not to damage the country’s appeal to wealthy foreigners. The “non-dom” tax status “plays an important role in allowing those from abroad to contribute to our economy”, says George Osborne, the UK’s… – Continue reading
(Newsroom America) — Gregg R. Mulholland, a dual U.S. and Canadian citizen, has been arrested at Phoenix International Airport during a layover of his flight from Canada to Mexico on charges of securities fraud conspiracy and money laundering conspiracy for fraudulently manipulating the stocks of numerous U.S. publicly-traded companies and… – Continue reading
LONDON — When British trader Navinder Singh Sarao planned to raise money to launch a new investment fund in 2010, he was put in touch with David Cosgrove, an Irishman who had set up dozens of such funds in offshore tax havens. The NAV Sarao Milking Markets Fund was soon… – Continue reading
The Bahamas was yesterday “dumped on” through its inclusion on another so-called financial services ‘blacklist’, although an ex-Attorney General and others suggested the development should be taken “with a big grain of salt”, reports the Bahamas Tribune. John Delaney told Tribune Business that the European Union’s (EU) decision to ‘blacklist’… – Continue reading
St. Kitts and Nevis is one of 30 countries placed on the European Union’s black list for not doing enough to fight tax evasion. The EU’s executive Commission published the list Wednesday (June 17). The blacklisted countries figure on at least ten of the EU’s 28 member nations’ lists of… – Continue reading
Government appeared to brush off the latest blacklisting of the Cayman Islands when it released a short statement on Wednesday at around 5pm following revelations by the EU that the jurisdiction had been cited as facilitating tax evasion, reports the Cayman News Service. “It is unfortunate that the EU black… – Continue reading
The European Union: Labelled Bermuda as a tax haven Bermuda has been named by the European Union as a country that is not doing enough to crack down on tax avoidance. The Island was one of 30 countries on the list published by the EU’s executive Commission today. “These tax… – Continue reading
The European Union has published its first list of international tax havens as part of a crackdown on multinational companies trying to avoid paying tax in the 28-nation bloc. The list of 30 territories includes Hong Kong and Brunei in Asia, Monaco, Andorra and Guernsey in Europe, and a series… – Continue reading
A South Florida man who ran a $15 million pill mill operation that sold hundreds of thousands of addictive painkillers to drug dealers and addicts was sentenced Thursday to 14 years in federal prison. Joel Shumrak, 67, of Boca Raton, has been locked up since June when federal agents raided… – Continue reading
The advantages of off-shore investments Two of the top reasons that South African investors are given to encourage offshore investments are that going offshore diversifies your portfolio and that it gives you access to sectors you could never find on the resource-heavy JSE. “While those are not reasons to be… – Continue reading
Sarao made about $40m in profit using spoofing techniques that involve putting in an order and swiftly withdrawing it before a trade can take place Washington/London: The west London trader charged with contributing to a sudden crash in US equity markets five years ago set up companies in the Caribbean… – Continue reading
The “Hound of Hounslow” day trader accused of helping trigger a Wall Street “flash crash” made more than £30 million profit dealing from his parents’ home in four years, the Evening Standard can reveal. FBI agents are investigating claims that Navinder Sarao, 36, transferred as much as £26 million to… – Continue reading
U.S. authorities say Navinder Singh Sarao made a $40 million windfall by manipulating futures prices for years, including on the fateful day in May 2010 when markets took traders for an unforgettable roller-coaster ride. Accounts filed by his U.K. firm, Nav Sarao Futures Ltd., paint an entirely different picture of… – Continue reading
One of the most senior judges in the United Kingdom, speaking to Cayman’s judiciary and legal fraternities last week, said the jurisdiction chosen for a legal dispute can often be the deciding factor for many cases. Lord Mance, a justice for the Supreme Court of England and Wales, sits on… – Continue reading
Cross border tax fraud and tax evasion by High Net Wealth Individuals (HNWI) are serious problems for many jurisdictions. For many years exchange of information between countries has been solely upon request. In practise this procedure is not efficiently working as it requires foreseeable relevance, thus ‘fishing’ for information is… – Continue reading
A few days ago we posted a warning to folks that opened offshore bank accounts through a company called Sovereign Management & Legal, Ltd. Based in Panama, the company offers to help Americans open offshore bank accounts with nominee corporations. Knowing that many people who do take these actions are… – Continue reading
A multi-count indictment was unsealed this morning in federal court in Brooklyn, New York, against six individual defendants: Robert Bandfield, a U.S. citizen; Andrew Godfrey, a citizen of Belize; Kelvin Leach, a citizen of the Bahamas; Rohn Knowles, a citizen of the Bahamas; Brian De Wit, a citizen of Canada;… – Continue reading
NIA CHARLESTOWN Nevis (June 13, 2014) — The Nevis International Banking Ordinance 2014,received safe passage in the Nevis Island Assembly on June 12, 2014, at a sitting which commenced just after 10 a.m. and concluded at 7:15 p.m. The Ordinance replaces the Nevis Offshore Banking Ordinance Cap. 7.05., a key… – Continue reading
BASSETERRE, St. Kitts, May 21st 2014 (CUOPM) – The St. Kitts and Nevis Federal Cabinet has paved the way for the signing of Tax Information Exchange Agreements (TIEAs) with Ireland and South Africa. Cabinet has approved the draft agreements between officials of the respective countries. “Those negotiation exercises have since… – Continue reading
BASSETERRE, St. Kitts – NEWS reaching this publication states that a businessman from Wyoming, United States of America was on Wednesday (May 7) sentenced to serve 36 months in jail for tax evasion. According to a US Department of Justice press release, the businessman, Robert C. Sathre, appeared before US District… – Continue reading
