Indictment demonstrates the strength of US law enforcement efforts to combat offshore fraud and is the first to charge a FATCA violation. On September 9, 2014, in US v. Robert Bandfield, et al., federal prosecutors in the Eastern District of New York announced the indictment of a US citizen and… – Continue reading
Britain’s highest-earning MP invests in alleged tax avoidance scheme under investigation by HMRC Tory MP Geoffrey Cox is one of hundreds of wealthy figures, celebrities and sports stars putting cash into Phoenix Film Partners LLP Britain’s highest-earning MP has invested in an alleged tax avoidance scheme being investigated by officials…. – Continue reading
Much has been written about the poor public health and clinical capacity to respond to the Ebola outbreak in West Africa. Inadequate medical and nursing staff resources, inadequate isolation wards, inadequate intensive care resources, insufficient ambulances. An international emergency response is being mounted in an attempt to fill this huge resource gap…. – Continue reading
Criminal fines imposed on corporations should not be tax deductible, but tax rebates could be claimed on illegally gained profits that a court has ordered a company to pay back, the Swiss government advised on Friday. The cabinet was responding to a parliamentary motion to clarify the situation in light of a… – Continue reading
A contingent of so-called “corrupt clients” from Canada have been caught in the net of a massive fraud investigation by the FBI and the U.S. Attorney, a source close to the investigation told CBC. CBC News reported Wednesday that two Canadians, along with four others, were indicted in the U.S…. – Continue reading
The offshore tax affairs of a company previously headed by the economics minister are to be re-examined by the finance department of canton Bern. The move comes after Swiss Public Television, SRF, published a memo written by the Federal Tax Authorities (FTA) which raised questions about the previous investigation. The… – Continue reading
Washington, DC—(ENEWSPF)—September 5, 2014. Joshua Vandyk, an investment advisor, was sentenced today to serve 30 months in prison for conspiring to launder monetary instruments, the Justice Department and Internal Revenue Service (IRS) announced. Vandyk, a U.S. citizen, and Eric St-Cyr and Patrick Poulin, Canadian citizens, were indicted by a grand… – Continue reading
MINNEAPOLIS (WCCO) — A 43-year-old Vadnais Heights investment advisor pleaded guilty to accusations that he spent clients’ money on personal items instead of investing their funds, the United States Attorney’s Office announced Wednesday. Joel William Carlson, who was charged on Aug. 4, pleaded guilty Wednesday to two counts of tax evasion… – Continue reading
Johannesburg – More than 260 cases of tax evasion were successfully prosecuted by the National Prosecuting Authority during the last financial year. Sars spokeswoman Marika Muller said about 330 tax-related criminal cases were finalised during the 2013/14 financial year, of which 267 were successfully prosecuted. Muller said to deter non-compliance, Sars… – Continue reading
Scandal Is an Embarrassment to Separatists Planning Independence Referendum BARCELONA— Jordi Pujol often said he discovered his mission for Catalonia while climbing a mountain as a boy and seeing the destruction wrought by the Spanish Civil War of the 1930s. Decades later, as Catalonia’s long-serving leader, Mr. Pujol presided over… – Continue reading
UBS AG (UBSN) asked a Paris appeals court to overturn a $1.4 billion bail looming over the Swiss bank as France steps up a two-year-old tax evasion probe. The hearing dragged on for nearly three hours as the parties argued the case. The court said it would decide on the… – Continue reading
A retired businessman from Northern Ireland has made a 13.5 million euro (£10.8m) settlement with the tax man in the Republic – one of the largest ever. Anthony Cafferkey, from Lisnarick Road, Irvinestown, Co Fermanagh has been named and shamed on the latest defaulters’ list over his tax affairs. Listed… – Continue reading
A multi-count indictment was unsealed this morning in federal court in Brooklyn, New York, against six individual defendants: Robert Bandfield, a U.S. citizen; Andrew Godfrey, a citizen of Belize; Kelvin Leach, a citizen of the Bahamas; Rohn Knowles, a citizen of the Bahamas; Brian De Wit, a citizen of Canada;… – Continue reading
According to the data obtained by investigators, the bank’s executives evaded paying taxes amounting to over 380 million rubles ($10.2 million) in 2011 MOSCOW, September 9. /ITAR-TASS/. Russian police have been conducting searches in the Moscow office of National Reserve Bank (NRB) belonging to businessman Alexander Lebedev for the first… – Continue reading
On Tuesday, the SEC and the Justice Department charged several companies claiming to be located on the same floor of an office building in Belize City with fraud and conspiracy. We may not have heard the last from Cynk Technology. On Tuesday, the Securities and Exchange Commission and the Department… – Continue reading
Principal source of information for Israel Tax Authority probe comes from someone who obtained information from foreign tax authorities and handed it over to Israeli officials. A gag order is expected to be lifted in the next few days on a major investigation of tax evasion by scores of Israelis… – Continue reading
HM Revenue & Customs has established a taskforce to deal specifically with people trying to dodge property tax in the south west of England and in south Wales. The taskforce will target those who have sold one or more properties and haven’t paid capital gains tax or disclosed rental income…. – Continue reading
The Commodity Futures Trading Commission (CFTC) is wary of banks invoking guarantees on foreign swap deals, and is taking steps to scrutinize such activity. The Commodity Futures Trading Commission (CFTC) is wary of US banks shifting their trading activities offshore and has urged other regulators to scrutinize banks involved in… – Continue reading
The police conducted on Monday morning, September 8, searches at several companies in Romania in a case of tax evasion in the sale of software. The searches took place at 7 places in Bucharest and Ilfov and Giurgiu counties, targeting the suspects’ homes and several companies. According to sources quoted by… – Continue reading
Antony Ting describes it as “like finding treasure”. It was 18 months ago when the powerful US congressional committee blew the lid on Apple’s aggressive corporate tax structure, which allowed it to funnel $US44 billion dollars out of the countrythrough a network of tax haven subsidiaries. Dr Ting, a senior… – Continue reading
SANTA ANA, Calif. (AP) — A Southern California military contractor who failed to report millions earned from providing services in Iraq has been sentenced to four years in federal prison. Prosecutors say Nadim Saifan Jr. of Huntington Beach was sentenced Friday. He pleaded guilty in May to attempted tax evasion…. – Continue reading
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Savers and investors who have kept assets offshore should make use of disclosure facilities to settle with the… – Continue reading
Audits may now be based on risk of tax evasion The government has dropped the Rs 15-crore threshold for referring transactions between a multinational company and its Indian subsidiary for compulsory scrutiny by the tax department. It might, instead, move towards a risk-based approach to identify international transactions prone to… – Continue reading
PRESSURE is mounting both within and outside Parliament for the government to introduce dedicated legislation to ban transfer pricing when it is used as a tax-avoidance measure to shift profit offshore. South Africa is estimated to lose tens of billions of rand annually from the abuse of transfer pricing by… – Continue reading
Seven Dutch financial institutions may be involved in evading taxes and are ‘extremely vague’ about what they do to ensure this does not happen, the Dutch Fair Bank Guide said on Wednesday. ABN Amro, Aegon, Delta Lloyd, ING, NIBC, Rabobank and Van Lanschot emerge as potential tax avoiders in research… – Continue reading
Anonymous shell companies and shady natural resources deals targeted in report that calls on G20 to drive for transparency G20 finance ministers and central bank governors in Moscow, July 2013. ONE is calling on the group to stop the corruption that is costing the developing world billions. Photograph: Kirill Kudryavtsev/AFP/Getty… – Continue reading
HMRC looking at new laws that mean failing to declare offshore becomes a crime By Michelle McGagh, Sep 3, 2014 Tales of benefit cheats regularly hit the headlines with salacious details of how they’ve spent their ill-gotten gains – typically foreign holidays and flash cars – but we never seem… – Continue reading
South Korea’s tax agency is looking into allegations that actor-singer Jang Keun-suk, who is popular throughout Asia, evaded paying taxes on income he earned in China, sources said Tuesday. The National Tax Service (NTS) launched an investigation after obtaining documents from the prosecution regarding suspected tax dodging by an agency… – Continue reading
A useful – and legal – scheme for people who haven’t paid their dues to the taxman is being restricted, reports Alison Steed Expats who have failed to pay their taxes may find the attractive option of using the Liechtenstein Disclosure Facility (LDF) blocked, thanks to changes made to it… – Continue reading
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/5470f66a-32a8-11e4-a5a2-00144feabdc0.html#ixzz3CLJSNkJT The Spanish government has launched a blistering attack on Jordi Pujol, the former Catalan… – Continue reading
Amazon has been accused of violating Foreign Direct Investment (FDI) laws in India by setting up business in the country. Seattle based Amazon.com, operating its business from Bangalore, is in confrontation with the Karnataka government’s commercial taxes department. While, the department argued that Amazon.com has violated FDI, regulations by making… – Continue reading
Another example of the “Too Big to Jail” doctrine: International tax evasion and fraud organised by UBS, Switzerland’s biggest bank. UBS, which had to be saved from failure in October 2008 by massive injections of Swiss public money, was involved in the LIBOR manipulation scandal, the currency markets manipulation scandal… – Continue reading
The National Tax Service (NTS) will reveal to the public the names and personal information of those who have been convicted of tax evasion, officials said Sunday. The NTS attempted to implement the “name and shame” system to reveal the information of tax dodgers in July, 2012 but failed due… – Continue reading
(Reuters) – At least 10 Swiss banks have withdrawn from a U.S. program aimed at settling a tax dispute between them and the United States, Swiss newspaper NZZ am Sonntag said on Sunday, quoting unnamed sources. Around 100 Swiss banks came forward at the end of last year to work with U.S. authorities in… – Continue reading
KARACHI: The Shaheen Air International (Private) Limited has sought relevant documents from the customs authorities in a multi-billion tax evasion case against it. According to details, the MCC-Preventive has constituted a case against Shaheen Air for allegedly evading tax of Rs 4.145 billion. It is alleged that the airline imported… – Continue reading
In its ongoing efforts to control tax evasion, China’s State Administration of Taxation (SAT) has recently published an instruction (Tax Office General Fa [2014] No 146), calling on national and local tax bureaus to investigate transfer pricing practices of Chinese enterprises. Under scrutiny by the SAT are all transactions involving… – Continue reading
The organisation hails the capture of five more of its most wanted as “excellent news for all honest taxpayers”. Five of the UK’s top tax fugitives have been brought back to the UK to face justice following a global HM Revenue and Customs (HMRC) initiative, the organisation has said. HMRC… – Continue reading
Juan Martin del Potro denies he has committed tax evasion in his native Argentina. His spokesman Jorge Viale said Monday there was “no evasion” and all procedural steps were being followed to resolve the case. The newspaper Perfil reported on Sunday that Argentine tax authorities had opened a case again… – Continue reading
VP Bank said it had now concluded that it no longer needed to take part in the programme. “Thorough internal investigations and external expert opinions showed that the conditions for continued participation did not exist,” the Liechtenstein-based bank said in a statement accompanying its half-year results. “VP Bank therefore withdrew… – Continue reading
VietNamNet Bridge – The bad news about tax evasion and debt repudiation cases by foreign invested companies has darkened Vietnam’s foreign direct investment (FDI) landscape. Tuoi Tre newspaper has reported that Austrian Harald Biebl, director of the HCM City-based Bach Hop Company, operational in Vietnam since 2005, has fled the… – Continue reading
LITTLE ROCK, AR –Former Little Rock attorney David Patrick Henry, Sr., 71, has been sentenced to five years in prison followed by two years of supervised released, according U.S. Attorney Christopher Thyer. Henry, Sr. is also ordered to pay over a million dollars. On March 21, a federal jury found… – Continue reading
PEOPLE with undeclared offshore tax liabilities are being urged to pay what they owe or face prosecution. The new criminal offence of failing to declare taxable offshore income is set out in a new Her Majesty’s Revenue and Customs (HMRC) consultation paper. HMRC says people who do no declare their… – Continue reading
Using the code name Hot Lips with Swiss banking representatives, an 83-year-old Delray Beach man conspired to hide more than $1 million from the Internal Revenue Service in foreign bank accounts. Bernard Kramer pleaded guilty Tuesday in New York federal court before U.S. District Judge Alvin K. Hellerstein, admitting he… – Continue reading
Reasons given by the bank for refusing to publish findings of an investigation into alleged tax evasion remain unconvincing When commodities giant Glencore publishes its half-yearly report on Wednesday, it is unlikely to mention what may be a significant victory for the firm. This relates to an investigation into allegations… – Continue reading
Companies with links to John George Russell are accused of entering into “tax avoidance” arrangements and are in a $3.5 million fight with the IRD. Russell – who developed a template that the Court of Appeal called a “blatant tax-avoidance scheme” – is a 79-year-old accountant being chased by the… – Continue reading
Aug 21 (Reuters) – Leumi, Israel’s second-largest bank, reported a smaller-than-expected decline in quarterly net profit, as the lender’s bottom line was hit by a provision to settle a U.S. tax probe. Leumi said on Thursday it earned 290 million shekels ($82 million) in the second quarter, compared with 474… – Continue reading
Switzerland is cooperating with French tax authorities over an investigation of alleged tax fraud involving former French footballer Marcel Desailly. The notice of Swiss cooperation was published on Tuesday in the Federal Gazette. Desailly, captain of the French football team from 2000 to 2004, allegedly holds or has held assets… – Continue reading
With new laws in place, recovery from Swiss banks can be little easier provided the government shows sincerity in taking action against tax dodgers Finance Minister Senator Ishaq Dar in recent days has expressed the government’s firm conviction to bring back untaxed money of “US$ 200 billion” stashed in… – Continue reading
The Canada Revenue Agency is speeding up the frequency of reassessments of Cameco’s tax returns in what may be an attempt to pressure Cameco to settle out of court. Cameco’s cash is being tied up as they are required to remit 50% of each disputed bill. Cameco could ultimately be… – Continue reading
The CEIB has “disseminated” the data of these 600 cases to the Income Tax dept, Enforcement Directorate (ED) etc. In another instance of suspected black money stashed by Indians abroad, investigative agencies are probing a set of 600 new names and identities which have been provided to India by a… – Continue reading
