There seems an increased use of undercover agents by the IRS and other tax authorities in offshore jurisdictions. US v. Robert Bandfield, et al. The indictment in September 2014 of a Belize corporate service provider (CSP) and investment management company in the US is evidence of this trend. In the case US v. Robert Bandfield, […]

There is nothing illegal about tax planning. Yet some things are legal while others are not, and the lines can sometimes get fuzzy. Add to that the fact that some people go to extraordinary lengths to avoid paying taxes, and it can be a recipe for disaster. Increasingly, if you appear to be hiding something, […]

Swiss banking secrecy and the birth of a new tax law It started with the Swiss banking scandals of 2009, when the US government aggressively went after banks that aided tax evaders. This effectively ended the reign of the famous, secretive “Swiss bank accounts” enshrined in thrillers like the Bourne Identity and James Bond films. […]

Thousands of Americans abroad are giving up their citizenship as the implementation of a complex new tax law causes banks to shut down accounts for US expatriates The US government’s new tax regulation, FATCA, has pushed many American abroad to comply with complex tax requirements or give up their citizenship. The US government’s new tax […]

The Singaporean Ministry of Finance, Monetary Authority of Singapore and the Inland Revenue Authority of Singapore have proposed regulations to help financial institutions in Singapore comply with the US Foreign Account Tax Compliance Act (FATCA). FATCA requires all financial institutions outside of the US to submit information on financial accounts held by US persons to […]

In a move tied to budgets, Canada’s Revenue Agency is cutting its top staff focused on international tax evasion. Cuts to experienced personnel who ferret out aggressive tax planning appear to be deepest, despite comments by MP Gerald Keddy that “the CRA is not reducing the number of auditors, nor the number of tax evasion […]

The latest version of the Crown Dependency Guidance Notes to FATCA, which was released on 28 July 2014, has provided further changes to, and clarifications of, the obligations of Jersey Financial Institutions in respect of FATCA. http://bit.ly/1uLfYf4 As the States of Jersey has entered into two intergovernmental agreements (“IGAs”), one with the US, and the […]

By now, any “financial institution” (as the man on the Clapham Omnibus would understand that term) would need to have had its head in the sand in order not to be aware of the impact of FATCA and its need to comply with this new regime. However, the definition of “financial institution” for the purposes […]