Actor John Malkovich has sued the French daily paper Le Monde over false reports saying he had a secret Swiss account. The defamation suit is the latest proof that having an undisclosed account in Switzerland—or perhaps anywhere—is an embarrassment for anyone. Whether politician, public figure, or anyone else, no one… – Continue reading
The Lower House and Senate Committee investigating the existence of secret HSBC bank accounts in Switzerland met today with the presence of the bank’s internal auditor Diego Esquenazi, and external auditor Mabel Casillas. During his presentation, Esquenazi asserted that “As chief of the bank’s internal auditing, I deny all the… – Continue reading
As part of a push to control money laundering in the global banking system, the HKMA has called on lenders to peek into customers’ filings, reports the South China Morning Post. Banks in Hong Kong are calculating just how much tax expertise they will need to add over the coming… – 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
“We will have a black money discussion (with finance minister Arun Jaitley) to solve and clarify (the issue),” said Swiss economic affairs minister. Amid India enacting a law to deal with the menace of black money stashed abroad, Switzerland on Friday said that it is considering amendments in its domestic… – Continue reading
WASHINGTON, May 15 (Reuters) – Finter Bank Zurich AG has agreed to pay $5.4 million in a deal with the Justice Department to resolve tax-related offenses, becoming the third Swiss private bank this year to reach a settlement to avoid U.S. prosecution over helping Americans evade taxes. Finter, a small… – Continue reading
JOHANNESBURG – There is considerable scope to collect more revenue by addressing tax leakage due to transfer pricing. Speaking at a forum event hosted by the Gordon Institute of Business Science (Gibs), Judge Dennis Davis, chair of the Tax Committee that was tasked with a comprehensive review of South Africa’s… – Continue reading
The Swiss cabinet plans on addressing the issue of stolen data with regard to banking information requests from other countries. This comes as Switzerland is under close scrutiny for compliance with international standards. In its meeting on Wednesday, the cabinet discussed the thorny issue of stolen data. Switzerland currently does… – Continue reading
NEW DELHI: The Special Investigation Team on black money informed the Supreme Court on Tuesday that 339 accounts in HSBC bank held by Indians had a net amount of Rs 6,400 crore on which the income tax department has raised a demand of Rs 4,520 crore. “Amount of Rs 237… – Continue reading
HSBC Holdings’s Geneva private bank is no longer a place where wealthy people go to hide untaxed assets, according to Franco Morra, chief executive officer for HSBC in Switzerland. “Today, a new client in the first meeting will tell you he is tax compliant and even bring the files with… – Continue reading
Switzerland’s banks will benefit from the global crackdown on tax avoidance, the president of the country’s association of foreign banks and head of HSBC’s (HSBA.L) Swiss private banking arm said on Tuesday, reports Reuters. The Alpine nation famed for its banking secrecy is bowing to international pressure by committing to… – Continue reading
Introduction The Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) decided in mid-March 2015 that Switzerland should enter Phase 2 of the Peer Review. This decision represents a clear statement by the OECD that Switzerland’s legal and regulatory framework for information exchange complies with internationally… – Continue reading
HSBC’s pre-tax profits rose 4 per cent to a better-than-expected $7.06bn (£4.66bn) in the three months ending 31 March HSBC chief executive Stuart Gulliver admitted that the company’s Swiss banking scandal has hit morale across the group even as profits beat City forecasts during the first quarter of the year…. – Continue reading
All the world’s major banks have connections between each other and work together in a secret network to help people evade taxes, whistleblower and former HSBC IT engineer Hervé Falciani said yesterday, warning that illegal offshore transactions can’t be carried out through one single bank but only with the help… – Continue reading
(Reuters) – U.S. bank JPMorgan Chase (JPM.N) has been placed under formal investigation in France as part of a probe into alleged tax evasion by senior managers at investment firm Wendel (MWDP.PA), a court official said on Wednesday. A Paris-based spokesman for JPMorgan declined to comment on the move, part… – Continue reading
In retrospect, HSBC’s decision in 1993 to abandon Hong Kong for London’s Canary Wharf was one of modern history’s worst business moves. It seemed perfectly wise at the time, just four years ahead of Hong Kong’s return to China and amid the early stages of Europe’s common currency boom. When… – Continue reading
HSBC says it will make its decision whether to move its headquarters out of the UK within months rather than years. It has been based in the country since 1993, when it moved here in order to take over High Street giant Midland Bank. “It’s going to take us a… – Continue reading
A federal judge demanded to know more about HSBC Holdings Plc’s compliance with its trade sanctions and anti-money-laundering deal with the U.S. after a monitor said the bank was “too slow” to mend its ways. U.S. District Judge John Gleeson in Brooklyn, New York, ordered the government to file a… – Continue reading
MADRID (Reuters) – Herve Falciani, a former HSBC employee who leaked information on the bank’s clients and tax situation, told Spanish newspaper El Mundo he had knowledge of other cases and could act again, adding his “work was not done”. Falciani previously said that media leaks on HSBC accounts held… – Continue reading
HM Revenue & Customs is facing a possible legal challenge in the form of judicial review, over the use of a tax amnesty to exonerate hundreds of suspected tax evaders whose names appeared on documents leaked from HSBC in Geneva, reports the International Business Times. Campaign group Avaaz made clear… – Continue reading
The sandwiches and coffee were standard fare at HSBC’s annual meeting. But it took mere minutes for political red herrings to be added to the menu. Take the bank’s confirmation it is reviewing its headquarters’ location. Labour’s attempt to blame HSBC’s action on a Conservative-inspired EU referendum was misguided, but… – Continue reading
Gulf state intends to set itself up as a new hub for wealth management as finance chief declares Switzerland’s old model to be ‘dead’, reports the Irish Times. Abu Dhabi intends to set itself up as a new hub for wealth management, with the head of its nascent international financial… – Continue reading
ZURICH: Switzerland’s money laundering office received a record number of suspicious activity reports last year, in part due to increased vigilance from Swiss banks. The Alpine nation has faced intense international pressure over bank secrecy, tax evasion and money laundering, most recently highlighted by allegations that the Swiss arm of… – Continue reading
Hong Kong (HKSAR) – Following is a question by the Hon Frederick Fung and a written reply by the Secretary for Financial Services and the Treasury, Professor K C Chan, in the Legislative Council today (April 29): Question: It has been reported that an investigation conducted jointly by an international… – Continue reading
LONDON (Reuters) – HSBC shares have rallied after the bank said it was reviewing whether to move its headquarters out of Britain and potentially back to its former home in Hong Kong. The following are some of the regulatory issues raised if Europe’s biggest bank were to relocate to Hong… – 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
HSBC bank has been based in UK ever since it took over Midland Bank in 1993 but the bank was born in Hong Kong and it looks like its headquarters is headed back East. The bank has traditionally reviewed its head office location every three years, this morning the bank… – Continue reading
MUMBAI: In a bid to attract investments into Luxembourg, once seen as a “tax haven”, its ambassador today assured industrialists and investors that his government “does not encourage money laundering.” “We do not encourage dirty money. It is a misconception that the Luxembourg is a tax haven,” the alpine nation’s… – 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
London – HSBC has once again raised the prospect of moving its headquarters out of the UK. The bank, which was the subject of intense public anger earlier this year after details of how its Swiss arm had facilitated tax evasion emerged, yesterday said that it would soon reconsider the… – Continue reading
Doing so would get rid of ‘overlapping and duplicative disclosure requirements,’ says advocacy group for Americans abroad The IRS’ taxpayer advocate is urging the tax service to simplify rules for Americans living overseas. Currently, foreign bank accounts must be reported both to the Treasury, in a Report of Foreign Bank… – Continue reading
The National Taxpayer Advocate has recommended that the reporting rules under the Foreign Account Tax Compliance Act and for foreign bank account reports in effect be merged to simplify the duplicative disclosure requirements that make it difficult for American expatriates to have bank accounts in the foreign countries where they… – Continue reading
UBS whistleblower Stéphanie Gibaud talks to the Herald before travelling to Argentina With tax evasion allegations against HSBC under the spotlight in Congress, a whistleblower from another banking giant famous for its secrecy, Switzerland’s UBS, says she is coming to the country to testify soon, and warns that emerging economies… – Continue reading
HSBC and Standard Chartered are looking at the viability of quitting London for a new home in Asia because a big jump in a tax on UK banks makes staying in Britain increasingly painful, reports Reuters. Several investors told Reuters they want the two banks to do a thorough analysis… – Continue reading
MUMBAI: April is turning out to be the cruellest month for HSBC Geneva account-holders in India. Till now, only one — a Mumbai-based senior professional — among the thousands named on the list based on stolen data has been able to obtain a clean chit from Swiss authorities. Most others… – Continue reading
Get three tax advisers in the same room and they will come up with at least four definitions of tax avoidance: put in a couple of members of the public and the total will double. There are a few purists who dispute that tax avoidance exists – either something is… – Continue reading
Claims of using Malta to reduce tax liability ‘malicious and libellous’ – Lynton Crosby British Prime Minister David Cameron’s electoral guru, Australian Lynton Crosby, has rejected a Labour attack on his personal tax affairs as a “made up negative story”. On Thursday the British Labour Party called on Mr Crosby… – Continue reading
HSBC has appointed headhunters to find new non-executive directors in an effort to freshen up its board. Europe’s biggest bank has previously said its next chairman will be an external candidate, and it has also been reported that one of the new non-executives was likely to be a replacement for… – Continue reading
Introduction Soft commodity prices, divergent monetary policies across major economies, high unemployment rates and weak world trade have all conspired to slow down global economic recovery over the past seven years. Consequently, governments have had to cut spending as future revenues remain uncertain. This has led governments to look for… – Continue reading
The Labour party call for stripping non-domiciled UK residents of tax privileges has gone down well with people at large April 15, 2015: In January 1799, British Prime Minister William Pitt the Younger brought in a 10 per cent tax on income for Britons for the first time, as part… – Continue reading
Bank appoints headhunters MWM Consulting after revelations about its Swiss banking arm have brought board composition under intense scrutiny HSBC is preparing to bring in new non-executive directors to overhaul a board that has faced intense scrutiny following revelations of its Swiss arm’s involvement in tax evasion. The appointment of… – Continue reading
Enterprise minister Nick Boles says big corporations are ‘taking the mickey’ and Labour’s Chuka Umunna said the issue makes his constituents ‘very angry indeed’ A senior Conservative MP has advised businesses and accountants to check whether their tax policies are ethical by asking an NHS nurse. The enterprise minister Nick… – Continue reading
PARIS: It is the latest problem to hit HSBC over a tax evasion scandal at its Swiss private bank. HSBC said it intends to appeal the French magistrates’ decision, which it said was “without legal basis and the bail is unwarranted and excessive.” HSBC’s Swiss bank is under investigation in… – Continue reading
The 73 year old was found guilty after it was discovered that she had been hiding millions in an offshore HSBC account. Arlette Ricci, the heir to the Nina Ricci perfume and fashion fortune has been convicted of tax fraud by a Paris court. The 73 year old was found… – Continue reading
The U.K. is taking aim at the super rich with a plan to scrap a 200-year-old tax loophole that shelters offshore earnings. The rule allows wealthy people living in Britain to avoid paying tax on their overseas income. All they have to do is declare that their home, or so-called… – Continue reading
The Wall Street Journal reports that Swiss bank whistleblowers Bradley Birkenfeld and Hervé Falciani are schedule to take part in a panel discussion at the OffshoreAlert Conference in Miami Beach May 3-5. The panel entitled “Inside the UBS & HSBC Leaks,” will take participants “inside the UBS and HSBC leaks… – Continue reading
A recently-announced joint initiative between the government, banks and law enforcement agencies could give those investigating suspected money laundering offences better oversight of suspicious accounts, an expert has said. However, regulatory law expert Anne-Marie Ottaway of Pinsent Masons, the law firm behind Out-Law.com, said that the new intelligence-sharing initiative could… – 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
