The European Commission has added Panama to its blacklist of countries designated as tax havens over a lack of support for anti-tax fraud and evasion efforts. The European Union’s executive Commission unveiled the list in the introduction to its action plan to fight tax fraud. The blacklist consists of 30… – 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
The first fiscal amendment of the Juan Carlos Varela government was passed earlier this month on May 4, by Law 27 of 2015. Here are two important pointers of the fiscal reform: 1. TAXABLE INCOME PRODUCED IN PANAMA Article 694 of the CF originally included as taxable income the income… – Continue reading
Experts say Panama’s new reforms will help fight money laundering. Panama’s Congress on April 22 unanimously approved anti-money laundering legislation that will bolster supervision of non-financial sectors through which proceeds from drug trafficking and other illicit activities have been laundered in recent years. To what extent will the reforms, a… – Continue reading
Short cuts, loopholes and other forms of skulduggery will not be tolerated when the automatic exchange of tax information comes into force, a top official from the Organisation for Economic Co-operation and Development (OECD) has promised Swiss bankers, reports FinFacts. Grace Perez-Navarro, second in command at the OECD’s tax policy… – Continue reading
Executive Summary: The Panamanian government has engaged in an extensive period of consultations with local and foreign experts, practitioners, professionals and regulators, in a concerted effort to ensure that the jurisdiction continues to embody the highest international standards in terms of functionality and transparency (while preserving confidentiality). To that effect,… – Continue reading
Short cuts, loopholes and other forms of skulduggery will not be tolerated when the automatic exchange of tax information comes into force, a top official from the Organisation for Economic Co-operation and Development (OECD) has promised Swiss bankers, reports Swiss Info. Grace Perez-Navarro, second in command at the OECD’s tax… – Continue reading
Over vodka martinis at Scott’s of Mayfair, James Bond might raise a quizzical eyebrow. The lease on 14-25 Mount Street — home of Ian Fleming’s favourite London haunt — has been put on the market by its wealthy owners at a rumoured £110 million. But the puzzle is, who are… – 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
In This Issue: • It’s Stifling in Here! SEC Rules That Companies Can’t Put Restrictive Language in Confidentiality Agreements That Could Potentially Stifle Whistleblowers • An Opinion on Opinions: U.S. Supreme Court Decision in Omnicare • Is OFAC the New Black? Schlumberger and PayPal—The Rise in the Enforcement of Sanctions… – Continue reading
On Tuesday we told you about what the Prime Minister said at the Summit of the America’s about the perilous state of Belize and the Region’s banking industry after draconian anti money laundering measures were enacted by the US Government. He said, quote, “there is a crisis in my own… – Continue reading
THE NUMBER of Slovak companies residing in tax havens dropped in the first three months of this year to 4,248, which is by 114 less than in the end of last year. Most companies left Monaco and Jersey. The trend is the opposite rose by 23 to 13,270, the TASR… – Continue reading
Companies with Colorado locations that shelter some of their profits in an offshore tax haven will be made to pay more tax to the state — as much as $150 million a year, some estimates say — under a bill that is scheduled for its first hearing Wednesday in the… – Continue reading
The Panama Government on its continuous interest of complying with the requirements of international organizations and global standards of highly reputable financial centers has decided to take measures to accelerate the entry into force of Act 47 of 2013, which establishes a regime for the immobilization of Bearer Shares, and… – Continue reading
The Organisation for Economic Co-operation and Development formally invited Costa Rica to apply as a candidate for membership this week, five years after it began its push to join the exclusive club of developed economies. The news of Costa Rica taking one more step closer to joining the league of… – Continue reading
Labour Party leader Ed Miliband’s vow to close a tax loophole sparked fresh scrutiny on wealthy residents and drew warnings the plan could threaten London as one of the world’s major financial centers. Miliband pledged on Wednesday to abolish the non-domicile status if he’s elected on May 7, allowing some… – Continue reading
The Obama administration is gaining ground in its war against tax cheats, racking up victories in a global crackdown that has made it harder to escape the Internal Revenue Service. President Obama’s battle against offshore tax evaders hasn’t gotten the publicity of some of his other priorities but under his… – Continue reading
A 1,000-page report by the US Department of Justice to force HSBC to operate to higher standards says bank is not improving the way it does business fast enough HSBC is expected to be told this week that its attempts to clean up the way it does business are falling… – Continue reading
A Secret Service agent and a DEA agent with lead roles in the investigation to take down the Internet drug bazaar Silk Road allegedly stole proceeds from the underground site and hid their booty in offshore accounts. Former DEA agent Carl Force, 46, of Baltimore, the task force agent charged… – Continue reading
In a deal with U.S. prosecutors, Swiss private bank BSI SA agreed today to pay a $211 million penalty and hand over leads on more than 3,000 accounts with U.S. ties, as well as the actual names of an undisclosed, but presumably much smaller group of U.S. account owners. The… – Continue reading
Things just got worse for HSBC. Its private banking arm faces new criminal charges after a French magistrate officially requested that the Swiss bank be brought to trial over a suspected tax-dodging scheme for wealthy customers, the Guardian reports. The request for trial comes after a series of allegations against… – Continue reading
(Bloomberg) — HSBC Holdings Plc, struggling to contain a political storm over the bank’s facilitation of tax evasion through its Swiss unit, said Chief Executive Officer Stuart Gulliver paid taxes after setting up his own Swiss account and keeping his legal residence in Hong Kong. The bank, reacting to an… – Continue reading
As countries share more information, opportunities to squirrel away cash abroad will continue to narrow AMONG the sins that have most angered the austerity-weary everywhere is the use of undeclared offshore accounts to stash the wealth of the rich. Greeks were particularly enraged when data stolen from Swiss banks showed… – Continue reading
Details have emerged this week that the company Samantha Cameron – the prime minister’s wife – works for is based in a tax haven. Smythson – a luxury leather goods retailer with a Royal Warrant from the Queen – is owned through a parent company in Luxembourg and connected to… – Continue reading
The IRS recently announced an expansion of the list of banks and advisors that trigger the highest penalty bracket within its Offshore Voluntary Disclosure Program. The addition of Sovereign Management & Legal, Ltd. and Bank Leumi to the increased penalty list will have repercussions in Asia, Israel and the United… – Continue reading
The US Internal Revenue Service (IRS) has posted tax investigators to foreign embassies to lead a Foreign Account Tax Compliance Act (FATCA) crackdown on suspected tax evasion. The Asia Pacific financial centres of Hong and Singapore are two of the main targets, according to industry experts. The move follows claims… – Continue reading
This story has been updated. At her confirmation hearing Wednesday, attorney general-designate Loretta Lynch said she has been “very aggressive” in pursuing white-collar crime. “At the outset, no individual is ‘too big to jail.’ And no one is above the law,” said Lynch. Yet according to a new report from… – 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
Costa Rica’s going under the magnifying glass for the next two weeks as international money laundering experts comb through the country’s books. President Luis Guillermo Solís declared the audit from the Financial Action Task Force of Latin America (GAFILAT) a subject of national interest in Monday’s edition of the official… – Continue reading
A Manchester councillor has accused half the British Cabinet of tax avoidance during a council meeting this week. The accusation was made by Labour councillor Rebecca Moore during a Manchester City Council economy scrutiny committee on Wednesday. Her comments were in response to suggestions the council would try to lobby… – Continue reading
HSBC, Sovereign, FedEx, DHL & UPS all expecting summons from IRS American IRS officials are said to be carrying out investigative work concerning FATCA transgressions from the American Consulate in Hong Kong, according to a report issued in the South China Morning Post. The article quoted Travis Benjamin, a Partner… – Continue reading
The new year could bring important changes to the tax landscape. Here are several issues that will affect how much taxpayers owe for 2015 and beyond: Federal tax policy There is serious talk of overhauling the federal tax code. “There appears to be a consensus” on making changes, says Stephen… – Continue reading
For centuries the inner workings of the Vatican Bank have been cloaked in secrecy. That was before Pope Francis, who has pledged to restore public confidence in the administration of the Roman Catholic Church. This week we learned the United States and the Holy See have brokered a FATCA agreement… – Continue reading
NEW YORK – The multiyear federal crackdown on wealthy Americans who duck taxes by hiding income and assets offshore is targeting a Panamanian legal services firm suspected of arranging anonymous banking services. A Manhattan federal judge on Friday approved special summonses for Sovereign Management & Legal. The approval also covered… – Continue reading
Armenia’s Central Bank (CB) claims thatsome data regarding money flows to and from offshore financial centers is protected from public disclosure under the law. We say ‘some’, because the CB is being selective when it comes to which information can be disclosed and what cannot. When Hetq contacted the CB,… – Continue reading
Something strange happened in 2014 — Americans became very interested in corporate tax policy. It started in the spring, when U.S.-based pharmaceutical giant Pfizer, which produces blockbuster drugs like Lipitor and Viagra, floated a possible merger with its British-based rival AstraZeneca. Normally a merger of that size would make a… – Continue reading
A senior figure is suspected of secretly keeping accounts in a Swiss bank that were not reported to the tax authorities in Israel, in an affair called the “Swiss Bank Affair,” sources inform “Globes.” Israel Tax Authority investigators conducted a search of the senior figure’s home. As in the information… – Continue reading
Thousands of rich Australians have come forward to declare billions of dollars in untaxed assets and income stashed in bank accounts in Switzerland and in other countries. The rush comes as what the Australian Taxation office says is the last tax amnesty it will ever offer comes to an end…. – Continue reading
Argentina and Belgium have separately accused HSBC bank’s Geneva branch of setting up a network of offshore accounts to help their citizens avoid paying billions of dollars in taxes. The Belgian charges were filed Monday and the Argentine charges were announced Friday. HSBC, formerly known as Hong Kong & Shanghai… – Continue reading
Mr. Eduardo Morgan of Morgan and Morgan Group spoke to United World to clear up misconceptions about Panama’s tax laws. Panama is not a tax haven. The country has none of the aspects that, according to Colombia, identify a tax haven. Our tax legislation does not have any law that… – Continue reading
Here in America, tax collectors know when you earn interest on your bank deposits. That’s because U.S. banks are obliged to collect such information and report it to the IRS. This makes it impractical for would-be tax evaders to purposefully underreport their interest income for tax purposes. They’d be easily… – Continue reading
Colombia’s minister of finance stated this weekend that Colombians are hiding $50 billion abroad in an attempt to avoid paying taxes over their assets. Finance Minister Mauricio Cardenas told Spanish news agency EFE that no penalties for Colombia tax evaders had been finalized, but that they were on the agenda…. – Continue reading
The Colombian Government announced on October 21, 2014, that it will remove Panama from its blacklist of non-cooperative territories after the two countries agreed to sign a tax information exchange agreement (TIEA). The two countries signed a memorandum of understanding, which lays the foundation for a TIEA, the Colombian Government… – Continue reading
(Reuters) – Panama and Colombia will negotiate a financial information-sharing deal, ending a stand-off over Colombia’s classification of the Central American country as a tax haven and removing it from that status, Colombia’s president said on Tuesday. The Colombian government is trying to curb tax evasion and two weeks ago… – Continue reading
PANAMA CITY – Panama and Colombia said they will talk uninterruptedly to resolve a dispute that erupted after Bogota included the Central American nation on its list of tax havens. Panama’s vice president and foreign minister, Isabel De Saint Malo de Alvarado, and Colombia’s foreign minister, María Angela Holguín, delivered… – Continue reading
Some 19 British firms are at the center of an investigation into in a mammoth global money-laundering operation. The scheme was allegedly contrived to make $20bn (£12.5bn) worth of ill-gotten gains appear legitimate. The illicit funds are thought to have originated from criminal gangs and corrupt officials across the globe,… – Continue reading
IN ONE of the most remembered scenes of the film Casablanca, police chief Louis Renault orders the close of Rick’s Cafe when he is “shocked, shocked” to learn that there was gambling going on in the establishment. Seconds later a waiter presents Renault with his winnings from roulette. Panama was… – Continue reading
