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Caribbean Banks Worried By Tax Haven Crackdown
From ONLINE OFFSHORE BANK, 2 year ago, Read 0 times. Similar articles
Caribbean offshore banks are worried that a worldwide crackdown on tax havens may seriously implications on their business operations. Strict bank secrecy and less restrictive financial regulation have led some islands to prosper during the last decade. But as high-tax countries tighten their belts and look for for funds from external sources these same tax havens are now being accused of “stealing” taxes and allowing money-laundering and other illegal activity to flourish.
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Stanford Financial Group Executive Indicted On Conspiracy And Obstruction Charges
From ONLINE OFFSHORE BANK, 2 year ago, Read 0 times. Similar articles
The former chief investment officer of Stanford Financial Group Laura Pendergest-Holt has been charged with obstruction and conspiracy by a U.S. grand jury in Houston.
The charges relate to the “massive, ongoing fraud” allegedly perpetrated by billionaire financier Sir Allen Standford which could involve up to 8.5 billion US dollars.
The fraud hit South American investors particularly hard, but also a large number of investors throughout the US and the Caribbean.
High-interest...
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IRS Signals Intention To Pursue More Offshore Banks
From ONLINE OFFSHORE BANK, 2 year ago, Read 0 times. Similar articles
The US IRS is planning to seek out more foreign banks that may have helped wealthy US citizens to evade their taxes.
A case against Swiss bank UBS has already yielded a $780 million fine and the names of about 300 US clients although the IRS is still looking for the names of around 52,000 clients who may have a total of $14.8 billion tucked away.
The IRS is now looking to take similar measures against other foreign banks.
“We are developing John Doe summonses on other banks,” IRS...
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IRS Approach Lets Most Tax Evaders Escape Unscathed
From ONLINE OFFSHORE BANK, 2 year ago, Read 0 times. Similar articles
With an estimated $100bn in unpaid taxes lost to the US government each year. the IRS is playing both good cop and bad cop in the run up to April filings.
A “generous” amnesty offer announced by IRS commissioner Doug Shulman has so far yielded unimpressive results. But according to experts its usually only the “little guy” who responds to such call outs.
Big tax evaders, with resources to pay for sophisticated banking services and large legal teams, will instead call...
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Millenium Bank ?Ponzi' In Receivership
From ONLINE OFFSHORE BANK, 2 year ago, Read 0 times. Similar articles
The SEC has ordered a stop to another alledged Ponzi scheme, close on the heels of Stanford and Madoff. On Thursday the Securities and Exchange Comission got an emergency court order to end US based activities of Millenium Bank, based in the Caribbean Island of St.Vincent. Government regulators in St.Vincent have appointed KPMG as receivers to take over operations and preserve bank records.
It is alledged that Millenium Bank has just $4M of assets left after defrauding investors for nearly a...
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AIG Financial Products Division Under Fire From IRS for Dodgy Tax Deals
From ONLINE OFFSHORE BANK, 2 year ago, Read 0 times. Similar articles
The IRS is taking issue with some of the tax structures created by a division of AIG, the same unit which caused national outrage in the US and made headlines worldwide over $165 million worth of employee bonuses - says the Wall Street Journal.
Apparently, through an AIG offshore subsidiary US and foreign banks could claim credit in their home jurisdictions for a single tax payment. The IRS contests that the AIG structures had not proved that they “had sufficient economic substance and...
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Monaco Set to Ease Bank Secrecy and Adopt OECD Regulations
From ONLINE OFFSHORE BANK, 2 year ago, Read 0 times. Similar articles
Monaco is set to join Austria, Belgium, Luxembourg, Andorra, Liechtenstein, Singapore and Switzerland in easing bank secrecy by signing up to OECD regulations for information sharing and financial transparency.
The principality famous for fast cars, casinos and lounche european socialites seems to have taken the decision, like other european tax havens, in order to avoid being put on a blacklist at the upcoming G20 summit.
Monaco is said to have informed the OECD that it will enforce Article...
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1.7 Trillion USD Held In Swiss Banks Offshore
From ONLINE OFFSHORE BANK, 2 year ago, Read 0 times. Similar articles
More than 1.7 Trillion USD of offshore investments are held at swiss banks, according to Swiss weekly newspaper NZZ am SONNTAG
The figures come from a report by the Swiss Bankers Association which estimates up to 2.9 trillion swiss francs of ‘offshore’ wealth is managed by Swiss banks out of a total 5.2 trillion.
It is thought that the majority of this figure is composed of private rather than institutional investors
“In fact private persons are behind many institutional...
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Switzerland Accepts Concessions on Bank Secrecy
From ONLINE OFFSHORE BANK, 2 year ago, Read 0 times. Similar articles
Switzerland has agreed to sign up to the OECD’s international rules on data sharing and transparency, to prevent itself from being added to a blacklist of uncooperative tax havens.
Coming just a day after Liechtenstein and Luxembourg announced similar measures, this will come as a great pr boost for high-tax nations looking to eradicate the use of tax havens for tax evasion.
Although this seems to mark a great change in Swiss Banking Secrecy, the Swiss have introduced their own exceptions...
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Jersey prepares for scrutiny of offshore banking
From ONLINE OFFSHORE BANK, 2 year ago, Read 0 times. Similar articles
With Gordon Brown urging further crackdowns against tax havens, it seems Jersey will be next in line. After recent scandals in Switzerland and Liechtenstein it would be extremely difficult for the British Prime Minister to ignore what’s going on in his own back yard.
Cracking Jersey will not be easy however, with intense lobbying from wealthy interests likely to play their part. Jersey is a huge offshore financial center.
There were £206 billion, or $290 billion, in bank deposits in...
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