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March 11 (Bloomberg) -- R. Allen Stanford, clad in jeans and a white polo shirt embroidered with his corporate eagle-shield logo, told employees on Antigua in 2005 that he spent “millions and millions and millions of dollars” on the island “to attract the wealthiest people in the world.”
Potential clients “have to go back literally blown away,” the Texas banker said, according to a video of the meeting provided by Howard Allen, an Antiguan filmmaker who said he was hired to shoot it. Stanford said on the tape that he was upset by opposition to his latest development plans.
The financier, 58, accused by the U.S. of running an $8 billion Ponzi scheme, built Antigua into a marketing showcase for his Stanford Financial Group by lending its government at least 230 million Eastern Caribbean dollars ($85 million) and handing checks to public officials, according to interviews and documents.
" ["link_related"]=> string(75) "http://www.bloomberg.com/apps/news?pid=20601170&refer=home&sid=aeW5Ek4VNrO4" ["link_replies"]=> string(168) "http://offshore-banking-news.blogspot.com/feeds/110053419533803815/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=110053419533803815" ["link_edit"]=> string(85) "http://www.blogger.com/feeds/5967085295944202960/posts/default/110053419533803815?v=2" ["link_self"]=> string(85) "http://www.blogger.com/feeds/5967085295944202960/posts/default/110053419533803815?v=2" ["link"]=> string(75) "http://offshore-banking-news.blogspot.com/2009/03/march-11-bloomberg-r.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } ["link"]=> object(SyndicatedLink)#232 (4) { ["id"]=> string(2) "28" ["link"]=> object(stdClass)#246 (23) { ["link_id"]=> string(2) "28" ["link_url"]=> string(42) "http://offshore-banking-news.blogspot.com/" ["link_name"]=> string(21) "Offshore Banking News" ["link_image"]=> string(0) "" ["link_target"]=> string(0) "" ["link_category"]=> string(1) "0" ["link_description"]=> string(0) "" ["link_visible"]=> string(1) "Y" ["link_owner"]=> string(1) "4" ["link_rating"]=> string(1) "0" ["link_updated"]=> string(19) "0000-00-00 00:00:00" ["link_rel"]=> string(0) "" ["link_notes"]=> string(1521) "hardcode name: no hardcode description: no hardcode url: no update/hold: scheduled cats: {#849} tags: offshore banking\nexpatriate\nexpatriate advice\nexpatriate news feed/id: tag:blogger.com,1999:blog-5967085295944202960 feed/updated: 2011-07-08T13:59:05.759+03:00 feed/title: Offshore Banking News feed/subtitle: 2009 Offshore Banking News and Information feed/link_http://schemas.google.com/g/2005#feed: http://offshore-banking-news.blogspot.com/feeds/posts/default feed/link: http://offshore-banking-news.blogspot.com/ feed/link_next: http://www.blogger.com/feeds/5967085295944202960/posts/default?start-index=26&max-results=25&redirect=false&v=2 feed/author_name: Editor feed/author_uri: http://www.blogger.com/profile/05114080280353269842 feed/author_email: noreply@blogger.com feed/generator: Blogger feed/opensearch/totalresults: 61 feed/opensearch/startindex: 1 feed/opensearch/itemsperpage: 25 feed/link_self: http://www.blogger.com/feeds/5967085295944202960/posts/default update/last: 1328737631 update/ttl: 41 update/timed: automatically update/unfinished: yes update/processed: tag:blogger.com,1999:blog-5967085295944202960.post-4441968008872353934\ntag:blogger.com,1999:blog-5967085295944202960.post-4206352833173215321 map authors: name\neditor\n104\n\nname\ntam tree\n105 feed/atom10/link_hub: http://pubsubhubbub.appspot.com feed/link_hub: http://pubsubhubbub.appspot.com/ feed/atom10/link_self: http://feeds.feedburner.com/OffshoreBankingNews feed/info:Time is running out for tens of thousands of wealthy taxpayers--including many from New Jersey--who thought they could safely hide their money in off-shore banks.
"It's time to come in from the cold," says Larry Horn, a lawyer specializing in tax issues with the Newark firm of Sills Cummis & Gross. "Taxpayers who voluntarily turn themselves in now will likely escape criminal prosecution."
March 25 (Bloomberg) -- In yet another sign that financial centers are losing each other’s confidence, Geneva bankers are insisting that Gordon Brown, the champion of deregulated markets in London and the British Isles, favors tax cheats at least as much as he says they do.
The British prime minister is calling for curbs on tax evasion and bank secrecy ahead of next week’s Group of 20 summit at the ExCel conference center in the docks near Canary Wharf.
" ["link_related"]=> string(78) "http://www.bloomberg.com/apps/news?pid=20601100&sid=a23vPWrCK0_A&refer=germany" ["link_replies"]=> string(170) "http://offshore-banking-news.blogspot.com/feeds/4695483859477525791/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=4695483859477525791" ["link_edit"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/4695483859477525791?v=2" ["link_self"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/4695483859477525791?v=2" ["link"]=> string(94) "http://offshore-banking-news.blogspot.com/2009/03/geneva-bankers-have-word-for-browns-tax.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [3]=> array(14) { ["id"]=> string(70) "tag:blogger.com,1999:blog-5967085295944202960.post-6442580367376474309" ["published"]=> string(29) "2009-03-24T19:32:00.000+02:00" ["updated"]=> string(29) "2009-03-24T19:33:24.729+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-03-24T19:33:24.729+02:00" } ["title"]=> string(29) "Swiss offshore banking strong" ["atom_content"]=> string(1541) "ZURICH, March 17 (Reuters) - Swiss banks should still be able to attract foreign clients currently unnerved by changes to country's rules on banking secrecy, Julius Baer (BAER.VX) chairman Raymond Baer said in a newspaper interview.
"International clients will continue to appreciate the financial privacy traditionally anchored in Switzerland," the chairman of Switzerland's biggest dedicated wealth manager said in an interview for Wednesday's edition of Finanz und Wirtschaft.
Switzerland last week offered to relax strict bank secrecy in some tax evasion cases in a response to a global crackdown on tax havens that has been rattling the offshore banking industry. [ID:nLD122324]
What the Financial Times of London calls "a cascade of concessions on tax secrecy by some of the world’s leading private wealth centers" is being hailed by some as "a breakthrough in a decade-long international assault on tax evasion."
To some degree that may be true, since the pursuit of specific tax evaders by foreign countries will be made easier by greater co-operation from Switzerland, Austria, Luxembourg, Hong Kong, Singapore, Liechtenstein, Andorra and others.
In recent days each of these leading offshore jurisdictions has bowed to pressure, announcing that they will adopt international standards on tax information exchange, although they insist they will continue to protect investors’ privacy under their own laws.
" ["link_related"]=> string(85) "http://baumanblog.sovereignsociety.com/2009/03/offshore-tax-haven-privacy-update.html" ["link_replies"]=> string(170) "http://offshore-banking-news.blogspot.com/feeds/2491457075494053136/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=2491457075494053136" ["link_edit"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/2491457075494053136?v=2" ["link_self"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/2491457075494053136?v=2" ["link"]=> string(88) "http://offshore-banking-news.blogspot.com/2009/03/offshore-tax-haven-privacy-update.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [5]=> array(13) { ["id"]=> string(69) "tag:blogger.com,1999:blog-5967085295944202960.post-110053419533803815" ["published"]=> string(29) "2009-03-13T14:27:00.000+02:00" ["updated"]=> string(29) "2009-03-13T14:28:55.342+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-03-13T14:28:55.342+02:00" } ["atom_content"]=> string(2138) "
March 11 (Bloomberg) -- R. Allen Stanford, clad in jeans and a white polo shirt embroidered with his corporate eagle-shield logo, told employees on Antigua in 2005 that he spent “millions and millions and millions of dollars” on the island “to attract the wealthiest people in the world.”
Potential clients “have to go back literally blown away,” the Texas banker said, according to a video of the meeting provided by Howard Allen, an Antiguan filmmaker who said he was hired to shoot it. Stanford said on the tape that he was upset by opposition to his latest development plans.
The financier, 58, accused by the U.S. of running an $8 billion Ponzi scheme, built Antigua into a marketing showcase for his Stanford Financial Group by lending its government at least 230 million Eastern Caribbean dollars ($85 million) and handing checks to public officials, according to interviews and documents.
" ["link_related"]=> string(75) "http://www.bloomberg.com/apps/news?pid=20601170&refer=home&sid=aeW5Ek4VNrO4" ["link_replies"]=> string(168) "http://offshore-banking-news.blogspot.com/feeds/110053419533803815/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=110053419533803815" ["link_edit"]=> string(85) "http://www.blogger.com/feeds/5967085295944202960/posts/default/110053419533803815?v=2" ["link_self"]=> string(85) "http://www.blogger.com/feeds/5967085295944202960/posts/default/110053419533803815?v=2" ["link"]=> string(75) "http://offshore-banking-news.blogspot.com/2009/03/march-11-bloomberg-r.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [6]=> array(14) { ["id"]=> string(70) "tag:blogger.com,1999:blog-5967085295944202960.post-2294310994932244333" ["published"]=> string(29) "2009-03-10T20:34:00.000+02:00" ["updated"]=> string(29) "2009-03-10T20:35:16.413+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-03-10T20:35:16.413+02:00" } ["title"]=> string(48) "Jersey prepares for scrutiny of offshore banking" ["atom_content"]=> string(1513) "ST. HELIER, Jersey: The village-like capital of Jersey features many of the brands typically found in any British town: the Ladbrokes betting shop, the retailer Marks and Spencer and the drugstore Boots.
But step down a side street on this plush island off the French coast and almost every other building bears the name of a private equity, wealth management, or banking firm.
The social security office sits almost exactly opposite BNP Paribas Securities Services, a coincidental symbol of this British crown dependency's reliance on its status as an offshore banking tax haven, a status that scandal elsewhere has dragged into the limelight.
"The bankers have brought a heck of a lot of money to the island," said Michelle Hervieu, a 40-year-old cab driver who has lived in St. Helier all her life.
" ["link_related"]=> string(58) "http://www.iht.com/articles/2009/03/08/business/jersey.php" ["link_replies"]=> string(170) "http://offshore-banking-news.blogspot.com/feeds/2294310994932244333/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=2294310994932244333" ["link_edit"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/2294310994932244333?v=2" ["link_self"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/2294310994932244333?v=2" ["link"]=> string(86) "http://offshore-banking-news.blogspot.com/2009/03/jersey-prepares-for-scrutiny-of.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [7]=> array(14) { ["id"]=> string(70) "tag:blogger.com,1999:blog-5967085295944202960.post-4160062573632085292" ["published"]=> string(29) "2009-03-04T11:23:00.000+02:00" ["updated"]=> string(29) "2009-03-04T11:24:41.859+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-03-04T11:24:41.859+02:00" } ["title"]=> string(19) "ANTIGUA COOPERATIVE" ["atom_content"]=> string(1834) "ST. JOHN'S, Antigua - Having seized control of Robert Allen Stanford's two banks in recent days, Antiguan government officials are now pledging to work closely with American regulators to investigate their offshore banking system, long suspected by federal officials of being a center for laundering money from around the region.
"We are prepared to cooperate fully with the Americans in probing this whole affair," Prime Minister Winston Baldwin Spencer said last week. He added that the scandal "has serious implications" for the offshore banking sector.
That acknowledgment countered statements only two weeks ago by local bank regulators that the financial system in Antigua was absolutely clean. It comes after the Securities and Exchange Commission accused Stanford in a civil complaint of engaging in an $8 billion fraud involving high-yielding certificates of deposit sold by an offshore bank here. Stanford has not been criminally charged.
" ["link_related"]=> string(63) "http://www2.tbo.com/content/2009/mar/01/co-antigua-cooperative/" ["link_replies"]=> string(170) "http://offshore-banking-news.blogspot.com/feeds/4160062573632085292/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=4160062573632085292" ["link_edit"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/4160062573632085292?v=2" ["link_self"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/4160062573632085292?v=2" ["link"]=> string(74) "http://offshore-banking-news.blogspot.com/2009/03/antigua-cooperative.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [8]=> array(14) { ["id"]=> string(70) "tag:blogger.com,1999:blog-5967085295944202960.post-9204578506664191092" ["published"]=> string(29) "2009-03-03T22:48:00.000+02:00" ["updated"]=> string(29) "2009-03-03T22:49:45.090+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-03-03T22:49:45.090+02:00" } ["title"]=> string(28) "Belize offshore tax planning" ["atom_content"]=> string(4699) "Belize Offshore Business Centre: Belize Offshore has become popular jurisdiction for the incorporation of IBC's due to its English-based legal system. Belize Offshore Government, Belize Offshore Services Company, belize offshore investment services, Belize Offshore Consultants, Belize Offshore Business, Belize Offshore Incorporation Services, belize offshore registration services, Belize Offshore Registration, Belize Offshore Services, belize offshore business registration, belize offshore tax planning.The bill comes just two days ahead of a Senate hearing where a senior UBS AG executive is due to testify about an investigation of the Swiss banking giant.
"Offshore tax haven and tax shelter abuses are undermining the integrity of our tax system," said Levin in a statement given to Reuters. "We cannot tolerate $100 billion in offshore tax abuses burning a hole through our budget each year.
"We can fight back against secrecy jurisdictions and shut down offshore tax abuses if we have the political will."
Companion legislation is expected to be introduced in the U.S. House of Representatives, the aides said.
" ["link_related"]=> string(67) "http://uk.reuters.com/article/companyNewsMolt/idUKTRE52153320090303" ["link_replies"]=> string(170) "http://offshore-banking-news.blogspot.com/feeds/2581576171192865572/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=2581576171192865572" ["link_edit"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/2581576171192865572?v=2" ["link_self"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/2581576171192865572?v=2" ["link"]=> string(81) "http://offshore-banking-news.blogspot.com/2009/03/anti-tax-haven-bill-coming.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [10]=> array(14) { ["id"]=> string(69) "tag:blogger.com,1999:blog-5967085295944202960.post-817615390399895501" ["published"]=> string(29) "2009-03-02T13:07:00.000+02:00" ["updated"]=> string(29) "2009-03-02T13:08:17.908+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-03-02T13:08:17.908+02:00" } ["title"]=> string(49) "Global hunt for tax cheats rocks offshore centres" ["atom_content"]=> string(2789) "ZURICH, Feb 27 - Offshore financial centres which have thrived under a veil of bank secrecy will have to embrace transparency to survive a global crackdown on tax cheats that is menacing the private banking sector in Switzerland and beyond.
A U.S. tax fraud probe into UBS AG, the world's largest wealth manager, is showing Washington is serious about chasing tax dodgers at a time when it is desperate for revenue to revive its ailing financial sector.
In Europe, Britain has joined Germany and France in the battle against tax havens and has put the item on the agenda of a Group of 20 nations meeting on April 2, bringing the political debate on tax evasion to unprecedented levels.
"The pressure is on to crack down on offshore centres," said Dermot Butler, chairman of Custom House, which provides onshore and offshore funds. "The long-term effects on the Caribbean, and Switzerland and Liechtenstein is that those who were suspicious of them will be even more so."
" ["link_related"]=> string(101) "http://news.alibaba.com/article/detail/markets/100059746-1-analysis-global-hunt-tax-cheats-rocks.html" ["link_replies"]=> string(168) "http://offshore-banking-news.blogspot.com/feeds/817615390399895501/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=817615390399895501" ["link_edit"]=> string(85) "http://www.blogger.com/feeds/5967085295944202960/posts/default/817615390399895501?v=2" ["link_self"]=> string(85) "http://www.blogger.com/feeds/5967085295944202960/posts/default/817615390399895501?v=2" ["link"]=> string(87) "http://offshore-banking-news.blogspot.com/2009/03/global-hunt-for-tax-cheats-rocks.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [11]=> array(14) { ["id"]=> string(70) "tag:blogger.com,1999:blog-5967085295944202960.post-4055290334895146588" ["published"]=> string(29) "2009-03-01T23:26:00.000+02:00" ["updated"]=> string(29) "2009-03-01T23:27:57.369+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-03-01T23:27:57.369+02:00" } ["title"]=> string(33) "UK 'is losing £4bn tax offshore'" ["atom_content"]=> string(1113) "EU rules allow UK residents to declare interest earned overseas or to have 15% withheld from interest in the country where the account is held.
Separately, a report says MPs are calling for a review into the use of havens by taxpayer-backed banks.
Under the EU rules, three-quarters of the 15% in tax on interest that is withheld offshore is eventually paid to the UK government.
But this means that the effective amount collected by HM Revenue and Customs was 11.25% - rather than the 40% which would typically be paid, the TUC says.
" ["link_related"]=> string(47) "http://news.bbc.co.uk/2/hi/business/7917456.stm" ["link_replies"]=> string(170) "http://offshore-banking-news.blogspot.com/feeds/4055290334895146588/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=4055290334895146588" ["link_edit"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/4055290334895146588?v=2" ["link_self"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/4055290334895146588?v=2" ["link"]=> string(84) "http://offshore-banking-news.blogspot.com/2009/03/uk-is-losing-4bn-tax-offshore.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [12]=> array(14) { ["id"]=> string(70) "tag:blogger.com,1999:blog-5967085295944202960.post-3094745508758578419" ["published"]=> string(29) "2009-03-01T17:56:00.000+02:00" ["updated"]=> string(29) "2009-03-01T17:57:23.893+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-03-01T17:57:23.893+02:00" } ["title"]=> string(37) "Swiss may make concessions on secrecy" ["atom_content"]=> string(1419) "ZURICH, Feb 28 (Reuters) - Switzerland may have to make some concessions if it does not want to be put on a black list of tax havens, Switzerland's president and finance minister was quoted as saying on Saturday.
Banking secrecy is entrenched in Switzerland, in law and also the mentality of the people, and the country does not want to give it up but "certain matters of fact must be up for debate," Hans-Rudolf Merz said in the country's capital Berne, according to news agency SDA.
"We will perhaps have to make concessions in some cases or others," Merz said, adding that otherwise sanctions could be taken against Swiss banks and the country could be put on the Organisation for Economic Cooperation and Development's black list of tax havens.
" ["link_related"]=> string(89) "http://uk.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUKLS39915920090228" ["link_replies"]=> string(170) "http://offshore-banking-news.blogspot.com/feeds/3094745508758578419/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=3094745508758578419" ["link_edit"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/3094745508758578419?v=2" ["link_self"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/3094745508758578419?v=2" ["link"]=> string(92) "http://offshore-banking-news.blogspot.com/2009/03/swiss-may-make-concessions-on-secrecy.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [13]=> array(14) { ["id"]=> string(70) "tag:blogger.com,1999:blog-5967085295944202960.post-5368865253910928346" ["published"]=> string(29) "2009-02-28T11:48:00.000+02:00" ["updated"]=> string(29) "2009-02-28T12:00:17.899+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-02-28T12:00:17.899+02:00" } ["title"]=> string(24) "Swiss banking and beyond" ["atom_content"]=> string(1646) "
”Such violations would expose these employees to substantial prison terms, as well as fines, penalties and other sanctions,” UBS said in a court filing last week. “There is simply no reason to have, nor equity in having, such an expedited process here.”
UBS is feeling the heat from a surge of international pressure to crack down on secret tax havens sought by the wealthy. Estimating the U.S. loses $100 billion a year from offshore tax abuse, President Obama is at the forefront of the campaign to get tough on tax evasion.
" ["link_related"]=> string(79) "http://www.hedgeco.net/news/02/2009/ubs-stanford-propel-offshore-crackdown.html" ["link_replies"]=> string(168) "http://offshore-banking-news.blogspot.com/feeds/400957940884573533/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=400957940884573533" ["link_edit"]=> string(85) "http://www.blogger.com/feeds/5967085295944202960/posts/default/400957940884573533?v=2" ["link_self"]=> string(85) "http://www.blogger.com/feeds/5967085295944202960/posts/default/400957940884573533?v=2" ["link"]=> string(93) "http://offshore-banking-news.blogspot.com/2009/02/ubs-stanford-propel-offshore-crackdown.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [16]=> array(14) { ["id"]=> string(70) "tag:blogger.com,1999:blog-5967085295944202960.post-6831307003212055123" ["published"]=> string(29) "2009-02-25T12:40:00.000+02:00" ["updated"]=> string(29) "2009-02-25T12:43:08.891+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-02-25T12:43:08.891+02:00" } ["title"]=> string(24) "Swiss banking and beyond" ["atom_content"]=> string(1395) "ZURICH (Reuters) - UBS's landmark settlement deal with U.S. tax authorities could be the final nail in the coffin for Switzerland's prized bank secrecy and will have far-reaching consequences for the whole offshore financial industry.
Under pressure from Washington, Berne agreed to let UBS (UBSN.VX)(UBS.N) pass on data of certain U.S. clients without waiting for an ongoing appeal process against the data transfer by some of these clients, an unprecedented step in Switzerland.
Switzerland's leading newspaper, Neue Zuercher Zeitung, called the $780 million (545.70 million pounds) settlement, which UBS agreed with Berne's blessing, a "capitulation".
" ["link_related"]=> string(71) "http://uk.reuters.com/article/stocksAndSharesNews/idUKLNE51I00M20090220" ["link_replies"]=> string(170) "http://offshore-banking-news.blogspot.com/feeds/7783178840028435577/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=7783178840028435577" ["link_edit"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/7783178840028435577?v=2" ["link_self"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/7783178840028435577?v=2" ["link"]=> string(90) "http://offshore-banking-news.blogspot.com/2009/02/ubs-tax-deal-is-swiss-bank-secrecys.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [18]=> array(14) { ["id"]=> string(70) "tag:blogger.com,1999:blog-5967085295944202960.post-2723944666603832195" ["published"]=> string(29) "2009-02-20T01:02:00.000+02:00" ["updated"]=> string(29) "2009-02-20T01:03:08.939+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-02-20T01:03:08.939+02:00" } ["title"]=> string(41) "Secret Offshore Banking - Is It Possible?" ["atom_content"]=> string(1278) "Secret offshore bank accounts are the stuff of legend. This article intends to debunk some of the myths about secret offshore banking by setting out what is and isn't possible.
1) It's impossible to open an offshore bank account without first somehow identifying yourself. This means sending a notarized copy of your bank account/passport details to the bank or intermediary.
2) Most offshore banks will also require a reference from a bank at home.
3) If you open an offshore account in the name of your offshore company, you still need to provide all the formation documents, and the name and address of a real person. No bank will let a faceless entity open an account without pinning it down to a real person.
" ["link_related"]=> string(44) "http://www.bestsyndication.com/?q=node/24521" ["link_replies"]=> string(170) "http://offshore-banking-news.blogspot.com/feeds/2723944666603832195/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=2723944666603832195" ["link_edit"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/2723944666603832195?v=2" ["link_self"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/2723944666603832195?v=2" ["link"]=> string(93) "http://offshore-banking-news.blogspot.com/2009/02/secret-offshore-banking-is-it-possible.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [19]=> array(14) { ["id"]=> string(70) "tag:blogger.com,1999:blog-5967085295944202960.post-4018887764775525204" ["published"]=> string(29) "2009-02-17T12:41:00.000+02:00" ["updated"]=> string(29) "2009-02-17T12:42:58.489+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-02-17T12:42:58.489+02:00" } ["title"]=> string(38) "Demand for action on offshore accounts" ["atom_content"]=> string(1249) "An online campaign was launched today by Christian Aid urging supporters to lobby their MPs in an attempt to bring tax justice to developing nations.
Singapore is the 5th wealthiest country in the world in terms of GDP (PPP) per capita. Total GDP (PPP) as of 2007 accounts for $228.303 billion or $49,754 per capita. The state has foreign exchange reserves of more than US$177 billion. Singapore has always been an important strategic and economic center facilitating the world trade and providing its port for US military forces. Within just several years the city-state also became a financial center of Asia that competes with Hong Kong. The impetus that caused Singapore to arise as a banking haven took place in 2004. In the course of its development Singapore had its economy heavily dependent on exports, particularly in electronics and manufacturing. At the beginning of the 21st century the country was hard hit by the slump in the technology sector as well as by the outbreak of Severe Acute Respiratory Syndrome in 2003 as it prevented tourism and consumer spending." ["link_related"]=> string(84) "http://www.ecommerce-journal.com/articles/12856_offshore_singapore_why_so_attractive" ["link_replies"]=> string(170) "http://offshore-banking-news.blogspot.com/feeds/4865715602886627871/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=4865715602886627871" ["link_edit"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/4865715602886627871?v=2" ["link_self"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/4865715602886627871?v=2" ["link"]=> string(91) "http://offshore-banking-news.blogspot.com/2009/02/offshore-singapore-why-so-attractive.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [22]=> array(14) { ["id"]=> string(70) "tag:blogger.com,1999:blog-5967085295944202960.post-2695983475884344911" ["published"]=> string(29) "2009-01-31T17:25:00.000+02:00" ["updated"]=> string(29) "2009-01-31T17:26:20.176+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-01-31T17:26:20.176+02:00" } ["title"]=> string(41) "Shareholder Sues UBS Over US Offshore Tax" ["atom_content"]=> string(1362) "The complaint alleges the Swiss bank concealed the scheme from U.S. authorities, while intentionally creating the impression the company's wealth-management group was experiencing unprecedented growth. The lawsuit also claims UBS routinely assured investors and analysts that it employed state-of-the-art risk management tactics and had robust internal controls to mitigate risks.
From the front page of this morning's New York Times: "Only five days into the Obama presidency, members of the new administration and Democratic leaders in Congress are already dancing around one of the most politically delicate questions about the financial bailout: Is the president prepared to nationalize a huge swath of the nation’s banking system?"
To a large degree, the answer is that, thanks to George Bush, the last Democrat Congress and President Obama, billion dollar bailouts already have made banks wards of the U.S. government, feeding off taxpayer funds.
" ["link_related"]=> string(100) "http://baumanblog.sovereignsociety.com/2009/01/save-your-self-and-your-cash---bank-offshore-now.html" ["link_replies"]=> string(170) "http://offshore-banking-news.blogspot.com/feeds/7949146923927399129/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=7949146923927399129" ["link_edit"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/7949146923927399129?v=2" ["link_self"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/7949146923927399129?v=2" ["link"]=> string(88) "http://offshore-banking-news.blogspot.com/2009/01/save-your-self-and-your-cash-bank.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [24]=> array(14) { ["id"]=> string(70) "tag:blogger.com,1999:blog-5967085295944202960.post-2009189778044221614" ["published"]=> string(29) "2009-01-24T11:51:00.000+02:00" ["updated"]=> string(29) "2009-01-24T11:54:08.796+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-01-24T11:54:08.796+02:00" } ["title"]=> string(113) "Switzerland's largest bank—UBS—has announced that it will close all the offshore accounts of its U.S. clients" ["atom_content"]=> string(1357) "It's no surprise that UBS wants to divest itself of its U.S. clients. Based on information from a former UBS employee turned IRS informant, U.S. prosecutors have demanded that UBS release the banking records of its 19,000 U.S. depositors. Armed with this information, prosecutors would have an open-and-shut case against any U.S. person who failed to report income or gain from their UBS account.
The Swiss government so far has refused to allow UBS to turn over these records, citing the country's bank secrecy laws. However, negotiations are underway that may permit banking records to be released on a case-by-case basis. If you're a U.S. person with an unreported offshore account at UBS—or anywhere else—contact a tax lawyer immediately for assistance. The IRS has you in their cross hairs.
" ["link_related"]=> string(98) "http://nestmannblog.sovereignsociety.com/2009/01/swiss-banking-giant-to-close-all-us-accounts.html" ["link_replies"]=> string(170) "http://offshore-banking-news.blogspot.com/feeds/2009189778044221614/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=2009189778044221614" ["link_edit"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/2009189778044221614?v=2" ["link_self"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/2009189778044221614?v=2" ["link"]=> string(86) "http://offshore-banking-news.blogspot.com/2009/01/switzerlands-largest-bankubshas.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } } ["channel"]=> array(13) { ["id"]=> string(45) "tag:blogger.com,1999:blog-5967085295944202960" ["updated"]=> string(29) "2011-07-08T13:59:05.759+03:00" ["title"]=> string(21) "Offshore Banking News" ["subtitle"]=> string(42) "2009 Offshore Banking News and Information" ["link_http://schemas.google.com/g/2005#feed"]=> string(61) "http://offshore-banking-news.blogspot.com/feeds/posts/default" ["link"]=> string(42) "http://offshore-banking-news.blogspot.com/" ["link_next"]=> string(111) "http://www.blogger.com/feeds/5967085295944202960/posts/default?start-index=26&max-results=25&redirect=false&v=2" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["generator"]=> string(7) "Blogger" ["opensearch"]=> array(3) { ["totalresults"]=> string(2) "61" ["startindex"]=> string(1) "1" ["itemsperpage"]=> string(2) "25" } ["atom10"]=> array(1) { ["link_self"]=> string(47) "http://feeds.feedburner.com/OffshoreBankingNews" } ["info"]=> string(48) "Time is running out for tens of thousands of wealthy taxpayers--including many from New Jersey--who thought they could safely hide their money in off-shore banks.
"It's time to come in from the cold," says Larry Horn, a lawyer specializing in tax issues with the Newark firm of Sills Cummis & Gross. "Taxpayers who voluntarily turn themselves in now will likely escape criminal prosecution."
March 25 (Bloomberg) -- In yet another sign that financial centers are losing each other’s confidence, Geneva bankers are insisting that Gordon Brown, the champion of deregulated markets in London and the British Isles, favors tax cheats at least as much as he says they do.
The British prime minister is calling for curbs on tax evasion and bank secrecy ahead of next week’s Group of 20 summit at the ExCel conference center in the docks near Canary Wharf.
" ["link_related"]=> string(78) "http://www.bloomberg.com/apps/news?pid=20601100&sid=a23vPWrCK0_A&refer=germany" ["link_replies"]=> string(170) "http://offshore-banking-news.blogspot.com/feeds/4695483859477525791/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=4695483859477525791" ["link_edit"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/4695483859477525791?v=2" ["link_self"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/4695483859477525791?v=2" ["link"]=> string(94) "http://offshore-banking-news.blogspot.com/2009/03/geneva-bankers-have-word-for-browns-tax.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [3]=> array(14) { ["id"]=> string(70) "tag:blogger.com,1999:blog-5967085295944202960.post-6442580367376474309" ["published"]=> string(29) "2009-03-24T19:32:00.000+02:00" ["updated"]=> string(29) "2009-03-24T19:33:24.729+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-03-24T19:33:24.729+02:00" } ["title"]=> string(29) "Swiss offshore banking strong" ["atom_content"]=> string(1541) "ZURICH, March 17 (Reuters) - Swiss banks should still be able to attract foreign clients currently unnerved by changes to country's rules on banking secrecy, Julius Baer (BAER.VX) chairman Raymond Baer said in a newspaper interview.
"International clients will continue to appreciate the financial privacy traditionally anchored in Switzerland," the chairman of Switzerland's biggest dedicated wealth manager said in an interview for Wednesday's edition of Finanz und Wirtschaft.
Switzerland last week offered to relax strict bank secrecy in some tax evasion cases in a response to a global crackdown on tax havens that has been rattling the offshore banking industry. [ID:nLD122324]
What the Financial Times of London calls "a cascade of concessions on tax secrecy by some of the world’s leading private wealth centers" is being hailed by some as "a breakthrough in a decade-long international assault on tax evasion."
To some degree that may be true, since the pursuit of specific tax evaders by foreign countries will be made easier by greater co-operation from Switzerland, Austria, Luxembourg, Hong Kong, Singapore, Liechtenstein, Andorra and others.
In recent days each of these leading offshore jurisdictions has bowed to pressure, announcing that they will adopt international standards on tax information exchange, although they insist they will continue to protect investors’ privacy under their own laws.
" ["link_related"]=> string(85) "http://baumanblog.sovereignsociety.com/2009/03/offshore-tax-haven-privacy-update.html" ["link_replies"]=> string(170) "http://offshore-banking-news.blogspot.com/feeds/2491457075494053136/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=2491457075494053136" ["link_edit"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/2491457075494053136?v=2" ["link_self"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/2491457075494053136?v=2" ["link"]=> string(88) "http://offshore-banking-news.blogspot.com/2009/03/offshore-tax-haven-privacy-update.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [5]=> array(13) { ["id"]=> string(69) "tag:blogger.com,1999:blog-5967085295944202960.post-110053419533803815" ["published"]=> string(29) "2009-03-13T14:27:00.000+02:00" ["updated"]=> string(29) "2009-03-13T14:28:55.342+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-03-13T14:28:55.342+02:00" } ["atom_content"]=> string(2138) "
March 11 (Bloomberg) -- R. Allen Stanford, clad in jeans and a white polo shirt embroidered with his corporate eagle-shield logo, told employees on Antigua in 2005 that he spent “millions and millions and millions of dollars” on the island “to attract the wealthiest people in the world.”
Potential clients “have to go back literally blown away,” the Texas banker said, according to a video of the meeting provided by Howard Allen, an Antiguan filmmaker who said he was hired to shoot it. Stanford said on the tape that he was upset by opposition to his latest development plans.
The financier, 58, accused by the U.S. of running an $8 billion Ponzi scheme, built Antigua into a marketing showcase for his Stanford Financial Group by lending its government at least 230 million Eastern Caribbean dollars ($85 million) and handing checks to public officials, according to interviews and documents.
" ["link_related"]=> string(75) "http://www.bloomberg.com/apps/news?pid=20601170&refer=home&sid=aeW5Ek4VNrO4" ["link_replies"]=> string(168) "http://offshore-banking-news.blogspot.com/feeds/110053419533803815/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=110053419533803815" ["link_edit"]=> string(85) "http://www.blogger.com/feeds/5967085295944202960/posts/default/110053419533803815?v=2" ["link_self"]=> string(85) "http://www.blogger.com/feeds/5967085295944202960/posts/default/110053419533803815?v=2" ["link"]=> string(75) "http://offshore-banking-news.blogspot.com/2009/03/march-11-bloomberg-r.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [6]=> array(14) { ["id"]=> string(70) "tag:blogger.com,1999:blog-5967085295944202960.post-2294310994932244333" ["published"]=> string(29) "2009-03-10T20:34:00.000+02:00" ["updated"]=> string(29) "2009-03-10T20:35:16.413+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-03-10T20:35:16.413+02:00" } ["title"]=> string(48) "Jersey prepares for scrutiny of offshore banking" ["atom_content"]=> string(1513) "ST. HELIER, Jersey: The village-like capital of Jersey features many of the brands typically found in any British town: the Ladbrokes betting shop, the retailer Marks and Spencer and the drugstore Boots.
But step down a side street on this plush island off the French coast and almost every other building bears the name of a private equity, wealth management, or banking firm.
The social security office sits almost exactly opposite BNP Paribas Securities Services, a coincidental symbol of this British crown dependency's reliance on its status as an offshore banking tax haven, a status that scandal elsewhere has dragged into the limelight.
"The bankers have brought a heck of a lot of money to the island," said Michelle Hervieu, a 40-year-old cab driver who has lived in St. Helier all her life.
" ["link_related"]=> string(58) "http://www.iht.com/articles/2009/03/08/business/jersey.php" ["link_replies"]=> string(170) "http://offshore-banking-news.blogspot.com/feeds/2294310994932244333/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=2294310994932244333" ["link_edit"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/2294310994932244333?v=2" ["link_self"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/2294310994932244333?v=2" ["link"]=> string(86) "http://offshore-banking-news.blogspot.com/2009/03/jersey-prepares-for-scrutiny-of.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [7]=> array(14) { ["id"]=> string(70) "tag:blogger.com,1999:blog-5967085295944202960.post-4160062573632085292" ["published"]=> string(29) "2009-03-04T11:23:00.000+02:00" ["updated"]=> string(29) "2009-03-04T11:24:41.859+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-03-04T11:24:41.859+02:00" } ["title"]=> string(19) "ANTIGUA COOPERATIVE" ["atom_content"]=> string(1834) "ST. JOHN'S, Antigua - Having seized control of Robert Allen Stanford's two banks in recent days, Antiguan government officials are now pledging to work closely with American regulators to investigate their offshore banking system, long suspected by federal officials of being a center for laundering money from around the region.
"We are prepared to cooperate fully with the Americans in probing this whole affair," Prime Minister Winston Baldwin Spencer said last week. He added that the scandal "has serious implications" for the offshore banking sector.
That acknowledgment countered statements only two weeks ago by local bank regulators that the financial system in Antigua was absolutely clean. It comes after the Securities and Exchange Commission accused Stanford in a civil complaint of engaging in an $8 billion fraud involving high-yielding certificates of deposit sold by an offshore bank here. Stanford has not been criminally charged.
" ["link_related"]=> string(63) "http://www2.tbo.com/content/2009/mar/01/co-antigua-cooperative/" ["link_replies"]=> string(170) "http://offshore-banking-news.blogspot.com/feeds/4160062573632085292/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=4160062573632085292" ["link_edit"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/4160062573632085292?v=2" ["link_self"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/4160062573632085292?v=2" ["link"]=> string(74) "http://offshore-banking-news.blogspot.com/2009/03/antigua-cooperative.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [8]=> array(14) { ["id"]=> string(70) "tag:blogger.com,1999:blog-5967085295944202960.post-9204578506664191092" ["published"]=> string(29) "2009-03-03T22:48:00.000+02:00" ["updated"]=> string(29) "2009-03-03T22:49:45.090+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-03-03T22:49:45.090+02:00" } ["title"]=> string(28) "Belize offshore tax planning" ["atom_content"]=> string(4699) "Belize Offshore Business Centre: Belize Offshore has become popular jurisdiction for the incorporation of IBC's due to its English-based legal system. Belize Offshore Government, Belize Offshore Services Company, belize offshore investment services, Belize Offshore Consultants, Belize Offshore Business, Belize Offshore Incorporation Services, belize offshore registration services, Belize Offshore Registration, Belize Offshore Services, belize offshore business registration, belize offshore tax planning.The bill comes just two days ahead of a Senate hearing where a senior UBS AG executive is due to testify about an investigation of the Swiss banking giant.
"Offshore tax haven and tax shelter abuses are undermining the integrity of our tax system," said Levin in a statement given to Reuters. "We cannot tolerate $100 billion in offshore tax abuses burning a hole through our budget each year.
"We can fight back against secrecy jurisdictions and shut down offshore tax abuses if we have the political will."
Companion legislation is expected to be introduced in the U.S. House of Representatives, the aides said.
" ["link_related"]=> string(67) "http://uk.reuters.com/article/companyNewsMolt/idUKTRE52153320090303" ["link_replies"]=> string(170) "http://offshore-banking-news.blogspot.com/feeds/2581576171192865572/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=2581576171192865572" ["link_edit"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/2581576171192865572?v=2" ["link_self"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/2581576171192865572?v=2" ["link"]=> string(81) "http://offshore-banking-news.blogspot.com/2009/03/anti-tax-haven-bill-coming.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [10]=> array(14) { ["id"]=> string(69) "tag:blogger.com,1999:blog-5967085295944202960.post-817615390399895501" ["published"]=> string(29) "2009-03-02T13:07:00.000+02:00" ["updated"]=> string(29) "2009-03-02T13:08:17.908+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-03-02T13:08:17.908+02:00" } ["title"]=> string(49) "Global hunt for tax cheats rocks offshore centres" ["atom_content"]=> string(2789) "ZURICH, Feb 27 - Offshore financial centres which have thrived under a veil of bank secrecy will have to embrace transparency to survive a global crackdown on tax cheats that is menacing the private banking sector in Switzerland and beyond.
A U.S. tax fraud probe into UBS AG, the world's largest wealth manager, is showing Washington is serious about chasing tax dodgers at a time when it is desperate for revenue to revive its ailing financial sector.
In Europe, Britain has joined Germany and France in the battle against tax havens and has put the item on the agenda of a Group of 20 nations meeting on April 2, bringing the political debate on tax evasion to unprecedented levels.
"The pressure is on to crack down on offshore centres," said Dermot Butler, chairman of Custom House, which provides onshore and offshore funds. "The long-term effects on the Caribbean, and Switzerland and Liechtenstein is that those who were suspicious of them will be even more so."
" ["link_related"]=> string(101) "http://news.alibaba.com/article/detail/markets/100059746-1-analysis-global-hunt-tax-cheats-rocks.html" ["link_replies"]=> string(168) "http://offshore-banking-news.blogspot.com/feeds/817615390399895501/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=817615390399895501" ["link_edit"]=> string(85) "http://www.blogger.com/feeds/5967085295944202960/posts/default/817615390399895501?v=2" ["link_self"]=> string(85) "http://www.blogger.com/feeds/5967085295944202960/posts/default/817615390399895501?v=2" ["link"]=> string(87) "http://offshore-banking-news.blogspot.com/2009/03/global-hunt-for-tax-cheats-rocks.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [11]=> array(14) { ["id"]=> string(70) "tag:blogger.com,1999:blog-5967085295944202960.post-4055290334895146588" ["published"]=> string(29) "2009-03-01T23:26:00.000+02:00" ["updated"]=> string(29) "2009-03-01T23:27:57.369+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-03-01T23:27:57.369+02:00" } ["title"]=> string(33) "UK 'is losing £4bn tax offshore'" ["atom_content"]=> string(1113) "EU rules allow UK residents to declare interest earned overseas or to have 15% withheld from interest in the country where the account is held.
Separately, a report says MPs are calling for a review into the use of havens by taxpayer-backed banks.
Under the EU rules, three-quarters of the 15% in tax on interest that is withheld offshore is eventually paid to the UK government.
But this means that the effective amount collected by HM Revenue and Customs was 11.25% - rather than the 40% which would typically be paid, the TUC says.
" ["link_related"]=> string(47) "http://news.bbc.co.uk/2/hi/business/7917456.stm" ["link_replies"]=> string(170) "http://offshore-banking-news.blogspot.com/feeds/4055290334895146588/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=4055290334895146588" ["link_edit"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/4055290334895146588?v=2" ["link_self"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/4055290334895146588?v=2" ["link"]=> string(84) "http://offshore-banking-news.blogspot.com/2009/03/uk-is-losing-4bn-tax-offshore.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [12]=> array(14) { ["id"]=> string(70) "tag:blogger.com,1999:blog-5967085295944202960.post-3094745508758578419" ["published"]=> string(29) "2009-03-01T17:56:00.000+02:00" ["updated"]=> string(29) "2009-03-01T17:57:23.893+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-03-01T17:57:23.893+02:00" } ["title"]=> string(37) "Swiss may make concessions on secrecy" ["atom_content"]=> string(1419) "ZURICH, Feb 28 (Reuters) - Switzerland may have to make some concessions if it does not want to be put on a black list of tax havens, Switzerland's president and finance minister was quoted as saying on Saturday.
Banking secrecy is entrenched in Switzerland, in law and also the mentality of the people, and the country does not want to give it up but "certain matters of fact must be up for debate," Hans-Rudolf Merz said in the country's capital Berne, according to news agency SDA.
"We will perhaps have to make concessions in some cases or others," Merz said, adding that otherwise sanctions could be taken against Swiss banks and the country could be put on the Organisation for Economic Cooperation and Development's black list of tax havens.
" ["link_related"]=> string(89) "http://uk.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUKLS39915920090228" ["link_replies"]=> string(170) "http://offshore-banking-news.blogspot.com/feeds/3094745508758578419/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=3094745508758578419" ["link_edit"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/3094745508758578419?v=2" ["link_self"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/3094745508758578419?v=2" ["link"]=> string(92) "http://offshore-banking-news.blogspot.com/2009/03/swiss-may-make-concessions-on-secrecy.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [13]=> array(14) { ["id"]=> string(70) "tag:blogger.com,1999:blog-5967085295944202960.post-5368865253910928346" ["published"]=> string(29) "2009-02-28T11:48:00.000+02:00" ["updated"]=> string(29) "2009-02-28T12:00:17.899+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-02-28T12:00:17.899+02:00" } ["title"]=> string(24) "Swiss banking and beyond" ["atom_content"]=> string(1646) "
”Such violations would expose these employees to substantial prison terms, as well as fines, penalties and other sanctions,” UBS said in a court filing last week. “There is simply no reason to have, nor equity in having, such an expedited process here.”
UBS is feeling the heat from a surge of international pressure to crack down on secret tax havens sought by the wealthy. Estimating the U.S. loses $100 billion a year from offshore tax abuse, President Obama is at the forefront of the campaign to get tough on tax evasion.
" ["link_related"]=> string(79) "http://www.hedgeco.net/news/02/2009/ubs-stanford-propel-offshore-crackdown.html" ["link_replies"]=> string(168) "http://offshore-banking-news.blogspot.com/feeds/400957940884573533/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=400957940884573533" ["link_edit"]=> string(85) "http://www.blogger.com/feeds/5967085295944202960/posts/default/400957940884573533?v=2" ["link_self"]=> string(85) "http://www.blogger.com/feeds/5967085295944202960/posts/default/400957940884573533?v=2" ["link"]=> string(93) "http://offshore-banking-news.blogspot.com/2009/02/ubs-stanford-propel-offshore-crackdown.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [16]=> array(14) { ["id"]=> string(70) "tag:blogger.com,1999:blog-5967085295944202960.post-6831307003212055123" ["published"]=> string(29) "2009-02-25T12:40:00.000+02:00" ["updated"]=> string(29) "2009-02-25T12:43:08.891+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-02-25T12:43:08.891+02:00" } ["title"]=> string(24) "Swiss banking and beyond" ["atom_content"]=> string(1395) "ZURICH (Reuters) - UBS's landmark settlement deal with U.S. tax authorities could be the final nail in the coffin for Switzerland's prized bank secrecy and will have far-reaching consequences for the whole offshore financial industry.
Under pressure from Washington, Berne agreed to let UBS (UBSN.VX)(UBS.N) pass on data of certain U.S. clients without waiting for an ongoing appeal process against the data transfer by some of these clients, an unprecedented step in Switzerland.
Switzerland's leading newspaper, Neue Zuercher Zeitung, called the $780 million (545.70 million pounds) settlement, which UBS agreed with Berne's blessing, a "capitulation".
" ["link_related"]=> string(71) "http://uk.reuters.com/article/stocksAndSharesNews/idUKLNE51I00M20090220" ["link_replies"]=> string(170) "http://offshore-banking-news.blogspot.com/feeds/7783178840028435577/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=7783178840028435577" ["link_edit"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/7783178840028435577?v=2" ["link_self"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/7783178840028435577?v=2" ["link"]=> string(90) "http://offshore-banking-news.blogspot.com/2009/02/ubs-tax-deal-is-swiss-bank-secrecys.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [18]=> array(14) { ["id"]=> string(70) "tag:blogger.com,1999:blog-5967085295944202960.post-2723944666603832195" ["published"]=> string(29) "2009-02-20T01:02:00.000+02:00" ["updated"]=> string(29) "2009-02-20T01:03:08.939+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-02-20T01:03:08.939+02:00" } ["title"]=> string(41) "Secret Offshore Banking - Is It Possible?" ["atom_content"]=> string(1278) "Secret offshore bank accounts are the stuff of legend. This article intends to debunk some of the myths about secret offshore banking by setting out what is and isn't possible.
1) It's impossible to open an offshore bank account without first somehow identifying yourself. This means sending a notarized copy of your bank account/passport details to the bank or intermediary.
2) Most offshore banks will also require a reference from a bank at home.
3) If you open an offshore account in the name of your offshore company, you still need to provide all the formation documents, and the name and address of a real person. No bank will let a faceless entity open an account without pinning it down to a real person.
" ["link_related"]=> string(44) "http://www.bestsyndication.com/?q=node/24521" ["link_replies"]=> string(170) "http://offshore-banking-news.blogspot.com/feeds/2723944666603832195/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=2723944666603832195" ["link_edit"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/2723944666603832195?v=2" ["link_self"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/2723944666603832195?v=2" ["link"]=> string(93) "http://offshore-banking-news.blogspot.com/2009/02/secret-offshore-banking-is-it-possible.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [19]=> array(14) { ["id"]=> string(70) "tag:blogger.com,1999:blog-5967085295944202960.post-4018887764775525204" ["published"]=> string(29) "2009-02-17T12:41:00.000+02:00" ["updated"]=> string(29) "2009-02-17T12:42:58.489+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-02-17T12:42:58.489+02:00" } ["title"]=> string(38) "Demand for action on offshore accounts" ["atom_content"]=> string(1249) "An online campaign was launched today by Christian Aid urging supporters to lobby their MPs in an attempt to bring tax justice to developing nations.
Singapore is the 5th wealthiest country in the world in terms of GDP (PPP) per capita. Total GDP (PPP) as of 2007 accounts for $228.303 billion or $49,754 per capita. The state has foreign exchange reserves of more than US$177 billion. Singapore has always been an important strategic and economic center facilitating the world trade and providing its port for US military forces. Within just several years the city-state also became a financial center of Asia that competes with Hong Kong. The impetus that caused Singapore to arise as a banking haven took place in 2004. In the course of its development Singapore had its economy heavily dependent on exports, particularly in electronics and manufacturing. At the beginning of the 21st century the country was hard hit by the slump in the technology sector as well as by the outbreak of Severe Acute Respiratory Syndrome in 2003 as it prevented tourism and consumer spending." ["link_related"]=> string(84) "http://www.ecommerce-journal.com/articles/12856_offshore_singapore_why_so_attractive" ["link_replies"]=> string(170) "http://offshore-banking-news.blogspot.com/feeds/4865715602886627871/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=4865715602886627871" ["link_edit"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/4865715602886627871?v=2" ["link_self"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/4865715602886627871?v=2" ["link"]=> string(91) "http://offshore-banking-news.blogspot.com/2009/02/offshore-singapore-why-so-attractive.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [22]=> array(14) { ["id"]=> string(70) "tag:blogger.com,1999:blog-5967085295944202960.post-2695983475884344911" ["published"]=> string(29) "2009-01-31T17:25:00.000+02:00" ["updated"]=> string(29) "2009-01-31T17:26:20.176+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-01-31T17:26:20.176+02:00" } ["title"]=> string(41) "Shareholder Sues UBS Over US Offshore Tax" ["atom_content"]=> string(1362) "The complaint alleges the Swiss bank concealed the scheme from U.S. authorities, while intentionally creating the impression the company's wealth-management group was experiencing unprecedented growth. The lawsuit also claims UBS routinely assured investors and analysts that it employed state-of-the-art risk management tactics and had robust internal controls to mitigate risks.
From the front page of this morning's New York Times: "Only five days into the Obama presidency, members of the new administration and Democratic leaders in Congress are already dancing around one of the most politically delicate questions about the financial bailout: Is the president prepared to nationalize a huge swath of the nation’s banking system?"
To a large degree, the answer is that, thanks to George Bush, the last Democrat Congress and President Obama, billion dollar bailouts already have made banks wards of the U.S. government, feeding off taxpayer funds.
" ["link_related"]=> string(100) "http://baumanblog.sovereignsociety.com/2009/01/save-your-self-and-your-cash---bank-offshore-now.html" ["link_replies"]=> string(170) "http://offshore-banking-news.blogspot.com/feeds/7949146923927399129/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=7949146923927399129" ["link_edit"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/7949146923927399129?v=2" ["link_self"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/7949146923927399129?v=2" ["link"]=> string(88) "http://offshore-banking-news.blogspot.com/2009/01/save-your-self-and-your-cash-bank.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } [24]=> array(14) { ["id"]=> string(70) "tag:blogger.com,1999:blog-5967085295944202960.post-2009189778044221614" ["published"]=> string(29) "2009-01-24T11:51:00.000+02:00" ["updated"]=> string(29) "2009-01-24T11:54:08.796+02:00" ["app"]=> array(1) { ["edited"]=> string(29) "2009-01-24T11:54:08.796+02:00" } ["title"]=> string(113) "Switzerland's largest bank—UBS—has announced that it will close all the offshore accounts of its U.S. clients" ["atom_content"]=> string(1357) "It's no surprise that UBS wants to divest itself of its U.S. clients. Based on information from a former UBS employee turned IRS informant, U.S. prosecutors have demanded that UBS release the banking records of its 19,000 U.S. depositors. Armed with this information, prosecutors would have an open-and-shut case against any U.S. person who failed to report income or gain from their UBS account.
The Swiss government so far has refused to allow UBS to turn over these records, citing the country's bank secrecy laws. However, negotiations are underway that may permit banking records to be released on a case-by-case basis. If you're a U.S. person with an unreported offshore account at UBS—or anywhere else—contact a tax lawyer immediately for assistance. The IRS has you in their cross hairs.
" ["link_related"]=> string(98) "http://nestmannblog.sovereignsociety.com/2009/01/swiss-banking-giant-to-close-all-us-accounts.html" ["link_replies"]=> string(170) "http://offshore-banking-news.blogspot.com/feeds/2009189778044221614/comments/defaulthttp://www.blogger.com/comment.g?blogID=5967085295944202960&postID=2009189778044221614" ["link_edit"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/2009189778044221614?v=2" ["link_self"]=> string(86) "http://www.blogger.com/feeds/5967085295944202960/posts/default/2009189778044221614?v=2" ["link"]=> string(86) "http://offshore-banking-news.blogspot.com/2009/01/switzerlands-largest-bankubshas.html" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["thr"]=> array(1) { ["total"]=> string(1) "0" } } } ["channel"]=> array(13) { ["id"]=> string(45) "tag:blogger.com,1999:blog-5967085295944202960" ["updated"]=> string(29) "2011-07-08T13:59:05.759+03:00" ["title"]=> string(21) "Offshore Banking News" ["subtitle"]=> string(42) "2009 Offshore Banking News and Information" ["link_http://schemas.google.com/g/2005#feed"]=> string(61) "http://offshore-banking-news.blogspot.com/feeds/posts/default" ["link"]=> string(42) "http://offshore-banking-news.blogspot.com/" ["link_next"]=> string(111) "http://www.blogger.com/feeds/5967085295944202960/posts/default?start-index=26&max-results=25&redirect=false&v=2" ["author_name"]=> string(6) "Editor" ["author_email"]=> string(19) "noreply@blogger.com" ["generator"]=> string(7) "Blogger" ["opensearch"]=> array(3) { ["totalresults"]=> string(2) "61" ["startindex"]=> string(1) "1" ["itemsperpage"]=> string(2) "25" } ["atom10"]=> array(1) { ["link_self"]=> string(47) "http://feeds.feedburner.com/OffshoreBankingNews" } ["info"]=> string(48) "