Category: Banking Secrecy
United States: US FinCEN Proposes Expansion Of SAR Sharing Rules
The Bank Secrecy Act ("BSA"), enacted in 1970 and amended most recently by the Anti-Money Laundering Act of 2020 ("AML Act"), was in intended to provide "appropriate frameworks for information sharing" among financial institutions, government authorities and others.2 The BSA provides for the reporting of suspicious transactions, authorizes the secretary of the Treasury (the "Secretary") to issue regulations and allows the Secretary to delegate to the director of FinCEN the authority to "take all necessary and appropriate actions to implement and administer the provisions of the [BSA]."3 ... - Continue reading
United States: OCC Concludes That National Banks May Provide Cryptocurrency Custody Services
On July 22, 2020, the Office of the Comptroller of the Currency ("OCC") concluded in Interpretive Letter #1170 that national banks may provide cryptocurrency custody services to customers in both a fiduciary and non-fiduciary role. ... - Continue reading
QIB continues to introduce new features on its award-winning mobile application
Qatar Islamic Bank (QIB) has introduced new features to its award-winning Mobile App, in line with the bank’s ongoing efforts to provide customers with innovative digital options to fulfill all their banking needs remotely.Developed with customers’ daily banking requirements in mind, the QIB Mobile App now allows customers to benefit from new and simplified features, including the postponement of their Personal Finance Monthly Installment, opening the exclusive Certificates of Deposit for COVID-19 frontliners, filling and submitting the Common Reporting Standard (CRS), and completing Foreign Account Tax Compliance Act (FATCA) declarations. ... - Continue reading
United States: GAO Recaps “Priority Open Recommendations” For The FRB
This article throws light upon the recommendations of the Government Accountability Office(GAO) about its banking system. ... - Continue reading
Swiss banks open the door for India’s tax evasion crackdown
As the famed secrecy walls of Swiss banks started to crumble, some Indians felt a chill down their spine. ... - Continue reading
AMLA, Bank Secrecy Law for overhaul
When forces join together to tackle Anti-Money Laundering and the Bank Secrecy. ... - Continue reading
Lebanon passes law to lift banking secrecy
Lebanon’s Justice Minister Marie-Claude Najm said on Thursday that the Lebanese cabinet has approved a draft law to lift banking secrecy, MTV local TV channel reported. Also, Lebanon’s financial prosecutor Ali Ibrahim froze the assets and properties of 20 Lebanese banks. Lebanon has lately witnessed a shortage in U.S. currency… – 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
UBA head speaks about legislative changes relating to bank secrecy
On September 12, the Armenian government approved a set of amendments to the laws on Criminal Procedure and Bank Secrecy, which implies the disclosure of customers bank information. ... - Continue reading
BIR Officials: Congress not inclined to lift Bank Secrecy
“The suggestion has been brought up many times before and lawmakers with the support of the business community rejected it,” said a revenue regional director who declined to be named. He recalled that many congressmen even protested when the BIR in 2014 tried to require taxpayers to include in their… – Continue reading
United States: Senators Introduce Bill To Require Reporting Of Beneficial Ownership Information
A bipartisan group of senators introduced a bill which would impose federal beneficial ownership reporting requirements for legal entities established under state law, intended to assist law enforcement in fighting money laundering and terrorist financing ("AML/CFT"). ... - Continue reading
Ukraine: Ukraine Ratifies Protocol Amending Double Taxation Treaty Between Ukraine And Switzerland
On 18 September 2019, the Parliament of Ukraine ratified a protocol (the Protocol) of amendments to the double tax treaty between Ukraine and Switzerland (the DTT) which had been signed by the states on 24 January 2019. ... - Continue reading
Dutch government asks banks to give American expats more time to deal with FATCA
The Dutch government is urging banks to be accommodating towards American nationals who risk having their bank accounts closed because of US fiscal regulations as it calls on EU member states to campaign together for changes to American tax laws which are affecting thousands who have American nationality but no… – Continue reading
IRS offers tax break to some American expats
The Internal Revenue Service (IRS) has outlined new procedures for some “accidental Americans,”, giving them the chance to comply with their US tax and filing obligations and in turn qualify for relief from back taxes, penalties and interest. The changes would allow people with less than $2m in net worth… – Continue reading
Swiss banks start providing details of Indian accounts to Delhi
Banking details of Indians with accounts in Switzerland have been made available to tax authorities as the automatic exchange of information agreement starts between the two countries. “India will receive information of the calendar year 2018 in respect of all financial accounts held by Indian residents in Switzerland. This will… – Continue reading
United States: D.C. Circuit Expands U.S. Prosecutors’ Reach Over Foreign Bank Documents
In a recent decision, the U.S. Court of Appeals for the D.C. Circuit unanimously affirmed a district court order compelling three Chinese banks (not currently identified) to produce financial records in response to subpoenas issued by U.S. federal prosecutors, including records that were unrelated to the banks' U.S. operations or U.S. correspondent accounts. ... - Continue reading
United States: FinCEN Director Addresses Gaming Industry
On August 13, Financial Crimes Enforcement Network ("FinCEN") Director Kenneth Blanco addressed the 12thAnnual Las Vegas Anti-Money Laundering Conference and provided insights on his agency's expectations for the ever-evolving gaming industry. ... - Continue reading
FIC denies ignoring SME Bank looting
THE director of the Financial Intelligence Centre, Leonie Dunn, says the centre did not turn a blind eye to the disappearance of around N$350 million from the now-defunct SME Bank. ... - Continue reading
First 18 months crucial for tax reforms — Dominguez
On the sidelines of the Bureau of Internal Revenue’s anniversary celebration, Finance Secretary Carlos G. Dominguez III emphasized that the first 18 months of the current Congress is crucial for the Duterte administration’s comprehensive tax reform program (CTRP). According to Dominguez, lawmakers traditionally have the tendency to focus “on something… – Continue reading
United States: Anti-Money Laundering And Sanctions: Trends And Developments Emerging Under The Trump Administration
Bank Secrecy Act/anti-money laundering (BSA/AML) and sanctions matters continue to be a core focus of regulators, law enforcement agencies, policymakers and Congress, and the story of the Obama and Trump Administrations on AML and sanctions is one of general continuity. ... - Continue reading
Guernsey: Guernsey Plays Its Part In OECD Success Against Tax Evasion
Guernsey Finance Chief Executive Dominic Wheatley reflects on the findings of the latest OECD tax report to world leaders. ... - Continue reading
Pass tax reform bills — Dominguez
The Department of Finance (DOF) has expressed the hope that President Duterte’s call in his State-of-the-Nation Address (SONA) for Congress to pass reforms in the corporate tax system along with the remaining packages of the administration’s comprehensive tax reform program (CTRP) will provide lawmakers a strong impetus to pass these… – Continue reading
Portugal: Central bank to disclose public report on large debtors
The Bank of Portugal (BdP) is to publicly disclose aggregated information about large bank debtors by 17 July, announced the chair of the Budget and Finance Committee. On 23 May, the central bank sent parliament an extraordinary report on the problematic loans and other assets that caused banking problems and… – Continue reading
Pakistan money in Swiss banks dwindling for last three years
LONDON: Money kept by Pakistani nationals and enterprises in Swiss banks fell by 33 per cent to a record low of CHF380 million (Rs63 billion) in 2018, falling below the level of Indian funds for the first time in four years, Swiss National Bank’s (SNB) annual statistics report showed on… – Continue reading
Cargo pile-up at ICD depot linked to tax evasion scam
Unscrupulous agents based in Dubai and China are behind the pile-up of cargo at the Nairobi Inland Container Depot (ICD) even as it emerged that this is also a ploy to evade taxes. People Daily yesterday established that small-scale traders using these agents to consolidate their cargo in one container… – Continue reading
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
Understand the Differences Between Retail and Offshore Private Banks
Many people don’t put too much thought into the diverse types of banks that exist. They simply want to know their money is safe and that they can access it when needed. While the word bank can be a generalized term, it is important to recognize how different banks can… – 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
UBS Fined $14.5M For Violating Bank Secrecy Act
The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, has assessed a $14.5 million fine against UBS Financial Services (UBSFS) for willful violation of the Bank Secrecy Act, according to a treasury report. Five million dollars will be paid to the treasury; the rest… – 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
OCC Fines Capital One $100M Over AML Lapse
The Office of the Comptroller of the Currency (OCC) announced that it has fined Capital One $100 million due to shortcomings in the company’s Bank Secrecy Act and anti-money laundering programs. “The deficiencies, cited in the OCC’s 2015 order against the bank, included weaknesses in its compliance program and related… – 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
Swiss Bank starts sharing Client Data.
Switzerland has begun sharing financial record data with tax authorities in many countries as a method for battling tax evasion, however, Africa, which loses about $60 billion in unlawful flows every year, generally into European banks, is prominent by its nonappearance from the arrangement. Swiss bank accounts have for quite… – 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
