A study on Money laundering and tax evasion risks in free ports provides an insight into the money laundering, tax evasion and tax avoidance risks connected with free zones, particularly those that function as (semi-) permanent storage for high-value goods, often referred to as ‘free ports’. Conducted at the request of the European Parliament’s Special […]
Read MoreMoney laundering and tax evasion risks in free ports
A study on Money laundering and tax evasion risks in free ports provides an insight into the money laundering, tax evasion and tax avoidance risks connected with free zones, particularly those that function as (semi-) permanent storage for high-value goods, often referred to as ‘free ports’. Conducted at the request of the European Parliament’s Special […]
Read MoreFATCA the First Conviction and associated Money laundering charge against Mauritian TCSB manager
Introduction 1. Former Executive of Loyal Bank Ltd Pleads Guilty to Conspiring to Defraud the United States by Failing to Comply with Foreign Account Tax Compliance Act (FATCA) 2. Adrian Baron, the former Chief Business Officer and former Chief Executive Officer of Loyal Bank Ltd, an off-shore bank with offices in Budapest, Hungary and Saint […]
Read MoreTHE COMMON REPORTING STANDARD HAS ARRIVED… ARE YOU READY TO COMPLY ?
The United Kingdom and its Crown Dependencies and Overseas Territories and others The United Kingdom and its Crown Dependencies and Overseas Territories are all early adopters of the CRS, so for clients in those jurisdictions which were affected by UK FATCA, it is important to note that this is A “TRANSITION” YEAR which does impact […]
Read MoreU.S. Investigates Credit Suisse Over Possible Client Tax Evasion at Israeli Unit
Probe puts Swiss bank back in Justice Department’s crosshairs after $2.6 billion settlement two years ago over American customers’ taxes authorities are investigating Credit Suisse Group AG’s operations in Israel, people familiar with the matter said, once again placing the Swiss bank under Justice Department scrutiny related to its handling of American clients. The Justice […]
Read MoreSeychelles issues guidance to financial institutions on FATCA reporting
Posted on April 19, 2016 in Africa, Americas, FATCA/CRS, Seychelles, United States The Seychelles government has released guidance notes for financial institutions on how to comply with the FATCA intergovernmental agreement (IGA) between Seychelles and the United States. Seychelles is negotiating a Model 1B IGA with the US. On May 28, 2014, Seychelles agreed in […]
Read MoreThe Common Reporting Standards – New Global Tax Information Exchange Regime Begins January 2016
The Common Reporting Standard (“CRS”) will impose new investor due diligence and reporting obligations on funds and other financial institutions based in “early adopter” participating jurisdictions, with effect from January 1, 2016. According to the OECD, all major financial centres have now signed up to the standard. Financial institutions should now be preparing for the commencement of CRS […]
Read MoreFATCA and CRS/DAC – What financial institutions should be doing
FATCA (Foreign Account Tax Compliance Act) and the reporting requirements applicable to financial institutions under the intergovernmental agreements with the US. These apply in the UK and 70 other jurisdictions, with another 39 countries where an agreement has been reached in substance. The CRS (Common Reporting Standard) – the OECD’s global standard for the automatic exchange of […]
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