The country’s affluent investors have roughly doubled their offshore investment, curbing growth at Brazil’s wealth management firms. Scandal, recession and weak oil prices have caused economic vitality to seep out of Brazil. Now the money is following. Wealthy Brazilians are sending more of their assets overseas because of concerns about… – Continue reading
On 20 May 2015, the European Parliament increased the hunt for tax evaders, money launderers and terror financiers by adopting the fourth instalment of the Anti-Money Laundering Directive (“AMLD”). The main novelty of the new directive is the introduction of a central UBO-register, a public register which identifies the ultimate… – Continue reading
June 8 – With the international spotlight focused on corruption and money-laundering at FIFA and doping claims in athletics, the Qatar-based International Centre for Sport Security (ICSS) is laying on a specialist session in Geneva in September to explore how sport, governments and the wider stakeholder community can tackle the… – Continue reading
A Malta-based shell company is linked to financial transactions which likely saw Azerbaijani President Ilham Aliyev and his family amass hundreds of millions of euro at the expense of the country he leads and its citizens. FA Invest (Malta), whose registered address is in the Cornerstone Complex in Mosta, has… – Continue reading
ISLAMABAD: The government has proposed several provisions in the Finance Bill 2015 for documentation of economy. The bill empowers the government to obtain or render information related to transactions undertaken in and outside Pakistan regarding both resident and non-resident taxpayers. Legal cover has been provided to allow government to enter… – Continue reading
Responding to David Cameron’s call for a global crackdown on corruption by G7 leaders meeting in Germany for their annual summit this weekend, Jorn Kalinksi, Oxfam G7 spokesperson said: “David Cameron’s is right to put a spotlight on corruption which is a problem for all countries across the globe. Corruption… – Continue reading
“In Liberia for example, illicit financial outflows reached 61.6 percent of gross domestic product on average between 2008 and 2012, and 80.6 percent of total trade volume. The money lost could have funded its health budget four and half times over, in a country where 63.8 percent of the population… – Continue reading
Romanian Prime Minister Vctor Ponta exits the anti-corruption prosecutor’s office in Bucharest, Romania, Friday, June 5, 2015. Ponta told media that he was suspected of making false statements, money laundering and being an accomplice to tax evasion while working as a lawyer from 2007 to 2008 when he was also… – Continue reading
Afip has blamed Julio Grondona for authorising a $10-million payment that prosecutors have characterised as a bribe to vote for SA for World Cup 2010. Julio Grondona, a former Fifa vice-president and head of finance who ran Argentina’s soccer federation from 1979 until his death last year at 82, will… – Continue reading
The chairman, Senate Committee on Establishment and Public Service Matters, Aloysius Etok, yesterday, revealed that Nigeria has lost over N2 trillion as a result of tax evasion by capable companies and cybercrimes perpetrated by some Nigerians. Etok made this disclosure during his address at the valedictory session of the National… – Continue reading
As Cayman finds itself at the heart of what may be the world’s biggest ever corruption scandal, following the arrest of local football boss, Jeffrey Webb, the premier has defended the jurisdiction in a statement from his office about the FIFA probe. Alden McLaughlin said that local law enforcement agencies… – Continue reading
NEW DELHI: CBDT has issued fresh instructions to the taxman to ensure that information on individuals holding black money abroad is strictly kept secret as it stressed that any “careless” act could give an excuse to the data supplying country for not helping India in the future. “In many countries,… – Continue reading
SAN DIEGO – A former J.P. Morgan Chase banker was ordered today to serve six months in prison for her role in a commercial bribery and tax-evasion scheme. While handing down the sentence to 51-year-old Lynda Sanabria in a San Diego courtroom, U.S. District Judge Roger Benitez also ordered her… – Continue reading
BUENOS AIRES, Argentina — Argentina tax officials say they’re seeking U.S. information about alleged corruption involving FIFA. Tax chief Ricardo Echegaray tells La Once Diez radio that his agency has asked the U.S. for “all the documentation that permits us to quantify” Argentina’s tax losses. And he’s not ruling out… – Continue reading
British Virgin Islands, Caymans and Turks & Caicos feature heavily in justice department indictment of senior football officials British overseas tax havens play a key role in what US authorities have called “rampant, systemic and deep-rooted” corruption in the world of football, analysis by the Observer reveals. The 164-page US… – Continue reading
Prime Minister Narendra Modi has in an exclusive interview with ANI said that his government is ‘fully committed’ on the black money issue, adding that they want to make it more difficult to evade taxes and siphon money abroad. “My Government is fully committed on the issue of Black Money…. – Continue reading
■ Barclays and HSBC have been named in legal papers filed in the US ■ Documents have also named London-based Standard Chartered Bank ■ Allegedly moved suspect transactions linked to Fifa through their accounts ■ Britain’s Serious Fraud Office is understood to be monitoring situation Two of Britain’s biggest High… – Continue reading
The European Parliament endorsed the anti-laundering directive under which the ultimate owners of the companies will have to be listed in central registers in EU countries. The registries will be open to authorities, financial intelligence units, and individuals having a “legitimate interest” (for example investigative journalists). The “legitimate interest” in… – Continue reading
The U.S. is examining banks’ conduct as part of a wide-ranging corruption probe of international soccer that has led to charges against 14 people, including officials with the sport’s organizing body. Money involved in the two-decade-old bribery scheme passed through U.S. banks including Citigroup Inc. and JPMorgan Chase & Co.,… – Continue reading
The government is crafting legislation to compel mining firms to release production data to the fiscus to help curb illicit financial flows (IFFs) and transfer pricing which is costing African countries at least $50 billion annually, finance minister Patrick Chinamasa said on Friday. IFFs have become a highly emotive issue… – Continue reading
The ultimate owners of companies will have to be listed in central registers in EU countries, under new rules agreed by the EU Council and endorsed by the European Parliament yesterday. Access to the register is restricted but will nonetheless be open both to the authorities and to people with… – Continue reading
The ultimate owners of companies will have to be listed in central registers in EU countries, open both to the authorities and to people with a “legitimate interest”, such as investigative journalists, under new rules already agreed with the Council and endorsed by Parliament on Wednesday. The new anti-money laundering… – Continue reading
By stopping bogus claims of residency, his idea would force foreigners to pay capital gains tax when they sell a home in Canada OTTAWA — Inspired by the legendary FBI ploy to nab a notorious gangster, a B.C. immigration lawyer suggests the Canadian tax system be used to discourage the… – Continue reading
BRUSSELS, May 20 (KUNA) ¬¬ The European Parliament Wednesday endorsed the new anti¬money laundering legislation to step up the fight against tax crimes and terrorist financing. The anti¬money laundering law will for the first time oblige EU member states to keep central registers of information on the ultimate “beneficial” owners… – Continue reading
Addis Ababa, 19 May 2015- (ECA) – Africa’s money that could be used to improve lives and reduce poverty is leaving the continent through illicit financial flows defined as money illegally earned, transferred and used. As the Chairperson of the High Level Panel on Illicit Financial Flows from Africa, the… – Continue reading
THE BJP-led National Democratic Alliance government, which had made a lot of noise about black money and the illegal stashing of funds abroad in the run-up to general elections last year, finally got down to some serious work to tax ill-gotten wealth and curb its growth. Last week, the government… – Continue reading
KUALA LUMPUR, May 15 ― The Malaysian Anti-Corruption Commission (MACC) today froze 1,623 bank accounts of companies and individuals involving over RM560 million in the first day of its “Operasi Bersepadu” in Sabah. The commission’s investigation division chief Datuk Mohamad Jamidan Abdullah said the operations were launched to crack down… – Continue reading
Senators and members of the House of Representatives under the Anti-Money Laundering and Cyber Security Coalition are expected to meet and suggest to President-elect retired General Muhammadu Buhari the establishment of special courts that will deal with cases of tax evasion and corruption offences. Chairman of the coalition, Senator Aloysius… – Continue reading
Russia is set to enact an amnesty on offshore assets next month, but disagreement and lack of clarity over the terms of the pardon threaten not only to render the measure impotent, but undermine the government’s very drive to lure overseas money back home. The capital amnesty, part of a… – Continue reading
The government should stop looking for more borrowed money and take immediate steps for resource mobilisation to overcome fiscal deficit Taxation is a lot like sheep shearing. As long as you shear a sheep, it will continue to produce a new crop of wool but you can skin the animal… – Continue reading
You’re just over a month to prepare for the provision of the first Russian banks reporting FATCA. In the future, Russia will reach the full exchange of information with the United States, who also contribute to the development of the domestic economy. By June 29, the Russian banks will be… – Continue reading
Three of the biggest banks in Moldova reached the brink of collapse in November after suffering losses totaling $US1 billion – a shocking sum in an impoverished Eastern European country with a gross domestic product of less than $US8 billion. Now shock is turning to anger. In a report made… – Continue reading
The nation’s anti-corruption campaign and drive to track down economic fugitives and corrupt officials may help banks crack down on money laundering, analysts said. Banks have been updating watchlists for suspected money-laundering activities and heightening scrutiny of transactions and accounts. But they may be challenged by new forms of money… – Continue reading
Bermuda and countries with similar economic structures are in the spotlight as the British electorate prepares to go to the polls. Headlines that have included “Politicians not tough enough on tax avoidance, say voters” from The Guardian has Bermudian-based commentators considering the Island’s economic position and defending the role of… – Continue reading
The major accounting firms and other consultants would be forced to disclose all meetings with the federal government and the Australian Tax Office under a policy proposal to be debated by the ALP National Conference. If adopted, a future Labor government would also force ministerial staffers to observe a cooling-off… – Continue reading
The Malawi Economic Justice Network (MEJN) says illicit financial flows are highly affecting economic growth of the country, saying the siphoning of the funds is undermining growth in Malawi. Speaking during the second meeting of the African parliamentarians on illicit financial flows and tax (APNIFFT) in the capital Lilongwe, MEJN’s… – Continue reading
The Foreign Account Tax Compliance Act is meeting with some success in prompting foreign banks to disclose the holdings of U.S. taxpayers to the Internal Revenue Service, according to a former IRS official. FATCA was included as part of the HIRE Act of 2010 and requires foreign financial institutions to… – Continue reading
The National Accountability Bureau (NAB) has forwarded a novel set of recommendations to the prime minister proposing establishment of the Pakistan Revenue Regulatory Authority (PRRA) for imposing taxes while limiting the role of the Federal Board of Revenue (FBR) to tax collection. The prevention committee on tax evasion recommendations were… – Continue reading
Bradley Birkenfeld was released from federal prison in August 2012 after serving 2½ years for his role as a Swiss banker hiding millions of dollars for wealthy American clients. Five weeks later, he found himself in the kitchen of a small rental house in Raymond, New Hampshire. At that moment,… – Continue reading
THE global economic recovery, which has been assessed as uneven with manifest divergences across countries and regions, has however, been supported by Emerging Markets and Developing Countries (EMDCs) as the major drivers of global growth, although it is currently moderating in some countries. But the Intergovernmental Group of Twenty-Four on… – Continue reading
Asks Jaitley why the govt not keen to avail of German offer to share info on offshore accounts Former Union Law minister and senior lawyer Ram Jethmalani on Tuesday put the Union finance minister Arun Jaitley on the witness box and slapped him with a dozen questions on the Narendra… – Continue reading
The Greek government will table a new draft bill to Parliament that will allow Greek citizens to voluntarily reveal deposits held in Switzerland in exchange for a smaller tax payment, Finance Minister Yanis Varoufakis said on Tuesday. Speaking to reporters after a meeting with Swiss State Secretary for International Financial… – Continue reading
Mr Le Pen allegedly hid gold bars and cash worth £1.57 million in an account with a Swiss bank in the Bahamas, according to the latest leak from corruption investigations into the Front National Jean-Marie Le Pen, the founder of the French far-Right Front National, hid €2.2 million (£1.57m) in… – Continue reading
“There have been times,” Hervé Falciani tells me, “when I’ve wondered if I was losing touch with reality. Could I really have seen what I saw, and revealed the things that I did, while the financial world continued as if nothing had happened?” Falciani, sometimes called “the Ed Snowden of… – Continue reading
Greece’s desperate bid to fund debt repayments by clamping down on tax evaders is doomed to fail, according to analysts. Leonidas Bobolas, the head of Greece’s largest construction firm was arrested on Wednesday and not released until after he had paid €1.8m in back taxes, despite the fact he had… – 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
Athens: The head of one of Greece`s largest construction companies was arrested Wednesday on charges of tax evasion and ordered to pay the state 1.8 million euros ($1.9 million), the first such action since the radical left government came to power. Leonidas Bobolas, CEO of the Ellaktor group, was brought… – Continue reading
Bobolas, managing director of Greece’s biggest construction firm Ellaktor and whose family also owns newspapers, was detained on suspicion of tax evasion and money-laundering on Wednesday. He was released a few hours later after paying 1.8 million euros ($1.94 million) in back taxes to avoid charges. Bobolas is the first… – 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
