American residents or nationals, citizens and green card holders – persons of interest – living in Jamaica are required to file US tax returns and must, by voluntary disclosure, fill out a form to disclose ‘foreign assets’. The filing of a Foreign Bank and Financial Accounts Report (FBAR) is an… – Continue reading
Due to a little-noticed provision in the new highway appropriations bill signed into law on July 31 – the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 – the deadline for filing an FBAR (Report of Financial Bank and Financial Accounts) has been moved up from June… – Continue reading
Taipei, Aug. 18 (CNA) Chinese yuan-denominated deposits held by banks operating in Taiwan were lower at the end of July from a month earlier on rising awareness of the downside risks in China’s economy, according to analysts. Analysts said recent volatility in share prices in China’s equity markets and interest… – Continue reading
Recently, there’s been a lot of news about the difficulties that 2 banks in Belize have been having after their correspondent banking relationship was severed by the Bank of America. The Prime Minister has commented that it’s a situation that is lamentable, but inevitable. Not surprisingly, Opposition Leader Francis Fonseca… – Continue reading
FEEDBACK FROM MY LAST ARTICLE, From The Frying Pan, was encouraging. Our past Prime Minister Errol Barrow asked us, “What is your mirror image of yourselves”. A searching question. Our response to FATCA can throw some light on the matter. Encouraged by the USA, the UK, and soon others, are… – Continue reading
The rise of Islamic finance and sukuk issuances have brought with it a growing phenomenon: Shariah banking is increasingly taking advantage of offshore banking jurisdictions, and this for a number of reasons, reports the Gulf Times. Many offshore centres around the world meanwhile offer a wide range of features allowing… – Continue reading
Many tax practitioners will meet holders of foreign accounts who have either deliberately or unintentionally failed to accurately report their foreign accounts and will need to advise them on the best way to make the disclosure to the Internal Revenue Service. Due to the fact that many U.S. taxpayers have… – Continue reading
WASHINGTON, D.C. (WDAM) –This is a news release from the U.S. Department of Justice. Two tax return preparers with offices located in California, Maryland and New York were sentenced today in Los Angeles for facilitating an offshore tax fraud scheme, announced Acting Assistant Attorney General Caroline D. Ciraolo of the… – Continue reading
LOS ANGELES (CN) – Two tax preparers convicted of running an offshore tax-fraud scheme were given federal prison sentences on Monday, the Justice Department said. David Kalai and his son Nadav, both principals of United Revenue Service, were convicted of one count of conspiracy to defraud the Internal Revenue Service… – Continue reading
Britons in the US who have retained bank accounts at home are having to submit a raft of forms to satisfy the US Internal Revenue Service British expats living in America are being threatened with having their UK bank accounts shut down if they fail to comply with rigorous new… – Continue reading
KUALA LUMPUR – As speculation intensifies that Malaysian Prime Minister Najib Razak is on the verge of sacking central bank governor Zeti Aziz, an expose on her family’s ‘dealings’ has been splashed online. Critics of the Prime Minister claim the article was sponsored by 1MDB figure Jho Low and his… – Continue reading
On July 30, 2015, the Justice Department’s Tax Division announced that three more Swiss banks — PKB Privatbank AG, Falcon Private Bank AG and Credito Privato Commerciale in liquidazione SA (CPC) – have cut deals with the U.S. to resolve allegations that those institutions assisted their U.S. customers in hiding… – Continue reading
A Laguna Beach doctor was sentenced today to probation and ordered to pay about $235,000 in fines and restitution for hiding an offshore bank account. Baruch Fogel, an obstetrician and gynecologist, diverted at least $8 million to an undeclared bank account in Luxembourg through the Israel-based Bank Leumi, according to… – Continue reading
The world’s wealthiest people are hiding trillions of dollars in offshore tax havens to avoid paying their fair share of taxes, reported the Guardian. New research found that the amount of money hidden around the world is larger than what’s in the American economy. James Henry, economist and researcher with… – Continue reading
Since July 1, eleven more Swiss banks have entered deferred prosecution agreements with the U.S. government. The subject is tax evasion involving American account holders. Today, banks everywhere want to know if you are compliant with the IRS. Under FATCA, the entire world is lending the IRS a hand. Meanwhile,… – Continue reading
The Financial Supervisory Commission (FSC) yesterday issued licenses to 14 insurance companies to run offshore units, while commission Chairman William Tseng (曾銘宗) said the licenses would help the nation move closer to transforming into an asset management hub. Tseng said the licenses are a follow-up to efforts to benefit from… – Continue reading
Taipei, July 29 (CNA) Taiwan issued licenses Wednesday to 14 insurance companies operating here to run offshore insurance units (OIUs), and Financial Supervisory Commission (FSC) Chairman Tseng Ming-chung (曾銘宗) said that the license issuance will help Taiwan move closer to transforming itself into an asset management hub in the Asia-Pacific… – Continue reading
It is widely recognized that offshore banking secrecy is fast becoming a thing of the past. The signing of bi-lateral and multi-lateral agreements between jurisdictions and the fast approaching Common Reporting Standard (CRS) under which jurisdictions will automatically exchange financial information has seen to that. The UK’s voluntary disclosure program… – Continue reading
Senator Rand Paul, R-Ky., along with six current and former U.S. citizens living abroad, filed a lawsuit, July 14, in the U.S. District Court for the Southern District of Ohio challenging the constitutionality of the Foreign Account Tax Compliance Act (FATCA) and foreign bank account reporting (FBAR) regime. “FATCA eschews… – Continue reading
In recent years, the popularity of the Canada Revenue Agency’s voluntary disclosures program – which enables taxpayers to correct any mistakes or omissions in their previous tax filings – has ballooned. When taxpayers come forward, their tax problems get solved, the CRA reduces the accrued interest and, most important, waives… – Continue reading
You might think your bank records–especially foreign banks–are personal and confidential. Yet the government can make you hand over your bank records, even if they incriminate you. It turns out not even the Fifth Amendment can protect you. With FATCA, the pace of foreign account disclosures is frantic, and the… – Continue reading
Taipei, July 16 (CNA) Chinese yuan-denominated deposits held by banks operating in Taiwan as of the end of June hit a new high, but growth has shown signs of moderating, according to the central bank. Statistics released by the central bank on Wednesday indicate that the balance of yuan deposits… – Continue reading
SOUTHFIELD, Mich., July 16, 2015 /PRNewswire/ — Most people think offshore accounts are only for the wealthy but the 1-800-LAW-FIRM Federal Tax Defense Team believes people should think again. Thousands of people in the United States have foreign bank accounts and believe that just because they are not millionaires, they… – Continue reading
July 15 — The IRS national taxpayer advocate told lawmakers she will keep up the pressure to lighten the compliance and implementation burdens of the Foreign Account Tax Compliance Act. In part of a mid-year report to Congress on the office’s 2016 objectives, Taxpayer Advocate Nina E. Olson said July… – Continue reading
To launch the Offshore Insurance Units (OIU) business in Taiwan, the FSC published a ruling on May 21, 2015, amending the Offshore Banking Act Enforcement Rules. Major amendments include: (1) providing the required qualifications of an OIU, including the required capital adequacy ratio, and the requirement that an applicant shall… – Continue reading
The US voluntary disclosure landscape has changed dramatically over the last 12 months. As a result, the options to voluntarily disclose previously unreported offshore accounts and assets have evolved to allow unprecedented relief for a broader group of US taxpayers. This is particularly true for those whose mistakes were inadvertent,… – Continue reading
Anyone in Northern Ireland with an undeclared offshore bank account could be forgiven for feeling a little anxious. Not only have revelations about the sale of Nama’s former assets in the North shone a spotlight on a certain offshore account but a new taskforce has just been unleashed which is… – Continue reading
On Friday, the Seventh Circuit upheld what it determined to be a substantively reasonable sentence for billionaire Ty Warner, the creator of Beanie Babies. We previously blogged about Warner’s district court sentencing, during which Judge Kocoras found that Warner’s “very unique” circumstances warranted a non-incarceration sentence – well below the… – Continue reading
Former IT staff member says he and colleague ‘not comfortable’ with instruction A former member of the IT department at Anglo Irish Bank has told the trial of three of its former officers that one of them issued an instruction that certain accounts were to be removed from the bank’s… – Continue reading
The continuing speculation over Greece’s possible exit from the Eurozone and the weakening effect this might have on the shared currency in the short-term, may once again be prompting some folks to consider setting up non-resident bank accounts in non-eurozone countries. Offshore banking has a bit of a dodgy image… – Continue reading
HSBC Global Asset Management head of internationals Mark Newsam explains why he identifies Asia as potentially the strongest future growth opportunity for the group’s offshore business. How big is HSBC Global Asset Management within the inter-national space? HSBC Global Asset Management is the investment management business of the HSBC Group,… – Continue reading
[NEW YORK] HSBC Holdings Plc, smarting from a US$1.9 billion fine for providing banking to money launderers and sanctions-dodgers, promised US officials it would clean up its act. Within a year, its reform efforts met resistance from leaders of HSBC’s US investment-banking unit – some of whom mounted a campaign… – Continue reading
Moshe Asher told the Institute of Certified Public Accountants that money can be raised from unreported capital instead. Israel Tax Authority head Moshe Asher stated clearly today that no new tax hikes were necessary. Speaking at a conference of the Institute of Certified Public Accountants in Israel at a session… – Continue reading
Five days after the emergence of the most serious allegations of large-scale corruption in recent memory, the PSNI has still not opened a criminal investigation. The TUV leader Jim Allister said that, after days of continued revelations about the irregular nature of the sale of NAMA’s – the Republic’s ‘bad… – Continue reading
PETALING JAYA: Public Bank Bhd yesterday signed a memorandum of understanding (MoU) with Saitama Resona Bank Ltd and Kinki Osaka Bank Ltd to cross-sell each other’s banking products in Malaysia and Japan. Saitama Resona Bank and Kinki Osaka Bank are wholly-owned subsidiaries of Resona Holdings Inc, which also owns Resona… – Continue reading
Three former Anglo Irish Bank officials accused of hiding bogus off-shore accounts in an alleged tax evasion scheme were involved in helping Revenue investigate tax compliance in the bank in 2003. Day 13 of the officials’ trial heard that one of them, former Chief Operations Officer Tiarnan O’Mahoney requested that… – Continue reading
A new HMRC taskforce has been launched to go after wealthy tax cheats in Northern Ireland. Investigators from HM Revenue and Customs will use Land Registry and Merchant Acquirer data to identify those with “badges of wealth” such as large houses, aeroplanes, boats and undeclared offshore bank accounts, which are… – Continue reading
Belize’s banking sector has caught up with the standards and regulations set by the US and European Union for accountability and transparency in our offshore sector. That’s what the new Director of the Financial Intelligence Unit had to say at press conference rarely called by the stat. Unless you’re a… – Continue reading
The Financial Supervisory Commission (FSC) and the Central Bank of the Republic of China (Central Bank) issued the amended Offshore Banking Act Enforcement Rules (“Rules”) and the new Regulations Governing Offshore Insurance Branches （”Regulations”）, respectively per letters Ref. No. Jin-Guan-Bao-Zong-Zi No. 10402567211 and Ref. No. Tai-Yang-Wai-She-Yi-Zi No. 1040021857 on 25… – Continue reading
Ansbacher whistleblower Gerry Ryan has made fresh allegations about the tax affairs of a number of former senior politicians, the Irish Independent understands. The allegations have been made in correspondence with the Public Accounts Committee (PAC). But members of the PAC have been precluded from accessing the correspondence following legal… – Continue reading
The taxman in the United States is reminding people with one or more bank or financial accounts outside the country that they need to file their Foreign Bank and Financial Accounts by the end of June. The Internal Revenue Service said FBAR’s must be completed by Tuesday 30 June and… – Continue reading
Julius Baer Group Ltd. rose the most in four months in Zurich trading on speculation a U.S. fine for helping Americans avoid taxes will be lower than analysts had estimated. Switzerland’s third-largest wealth manager said on Tuesday it will take a provision of $350 million this month to settle the… – Continue reading
Two more Swiss banks, Bank Linth LLB AG and Bank Sparhafen Zurich AG, have entered deferred prosecution agreements with the U.S. government. The subject is tax evasion involving American account holders. Today, banks everywhere want to know if you are compliant with the IRS. Under FATCA, the entire world is… – Continue reading
A former Secret Service agent Shaun Bridges has agreed to plead guilty to charges of stealing hundreds of thousands of bitcoins from Silk Road. Shaun Bridges, the second of the two former US agents accused of stealing cryptocurrency during the investigation of the Silk Road marketplace, will plead guilty to… – Continue reading
A tax law amendment passed in the Senate last week limits the availability of the Offshore Banking Unit concession in circumstances where it could otherwise be used to convert an ineligible activity into an eligible OB activity. Tax and Superannuation Laws Amendment (2015 Measures No.1) Bill 2015 also brings the… – Continue reading
MUMBAI: Taxing overseas properties bought by Indians who stashed away money in Swiss banks and tax havens is tricky terrain in the framing of black money rules. Compared to extracting tax and penalties on funds lying with offshore banks, there is no easy way to decide the tax amount on… – Continue reading
Turkish banks and companies are trying to sell syndicated loans to Asian investors after a drop in Asian lending but investors are wary of increasing Turkish exposure due to political instability following June’s elections, bankers said. Turkish borrowers are targeting Asian investors in a bid to extend loan maturities after… – Continue reading
(Bloomberg) — Credit Suisse Group AG, the Swiss bank that paid $2.6 billion last year to settle a U.S. tax dispute, illegally sent a former employee’s details to U.S. authorities to help resolve the probe, a Geneva court ruled. The ex-employee, an assistant relationship manager at the bank’s North America… – Continue reading
Dubai: The word offshore banking often evokes quite a number of unsavoury connotations. It’s associated with tax evasion, money laundering and high-level of secrecy, but the truth is that anyone can open an offshore bank account and it’s completely legal. Most expatriates set up a bank account offshore to protect… – Continue reading
ISLAMABAD: A district and sessions court on Monday handed over 17 Axact employees here on physical remand over their alleged involvement in fraudulent practices, issuing fake degrees, money laundering and deceiving the public by acting as student counsellors. Civil judge Islamabad Rasool Bakhsh sent the suspects on physical remand for… – Continue reading
