Since 2007, American prosecutors have charged more than four dozen American clients of Swiss banks, including UBS and Credit Suisse and nearly three dozen foreign bankers, lawyers and financial intermediaries involved with secret offshore accounts have been indicted. Since 2009 The IRS has sponsored offshore voluntary disclosure programs that HAS brought in at least $6.5 […]

The first official analysis of the “Kabul Bank Crisis” of 2010 reveals an urgent need for reform in the international banking system, said Global Witness today [28th November 2012]. The “Report of the Public Inquiry into the Kabul Bank Crisis”, [ http://bit.ly/1rShJIY ] published today by Afghanistan’s Independent Joint Anti-Corruption Monitoring and Evaluation Committee (MEC) shows […]

The first official analysis of the “Kabul Bank Crisis” of 2010 reveals an urgent need for reform in the international banking system, said Global Witness today [28th November 2012]. The “Report of the Public Inquiry into the Kabul Bank Crisis”, [ http://mec.af/files/knpir-final.pdf ] published today by Afghanistan’s Independent Joint Anti-Corruption Monitoring and Evaluation Committee (MEC) […]

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 Mauritius Financial Services Commission has recently held a Foreign Account Tax Compliance Act workshop ahead of automatic exchange of tax information with the US by the territory’s financial institutions. In her opening comments, FSC Chief Executive Clairette Ah-Hen said the territory’s involvement in FATCA will enhance the reputation of Mauritius as a “clean and […]

On Thursday, January 17, 2013, the U.S. Treasury Department and the Internal Revenue Service (IRS) released the long-awaited final regulations for the Foreign Account Tax Compliance Act (FATCA). FATCA, codified as Chapter 4 of the Internal Revenue Code, represents the Treasury Department’s efforts to prevent U.S. taxpayers who hold financial assets in non-U.S. financial institutions […]

Six-Month Extension of FATCA Deadlines and Other Guidance Regarding Implementation On July 12, 2013 in Notice 2013-43 (the “Notice”),  the Internal Revenue Service (the “IRS”) announced a six-month extension to key FATCA start dates including FATCA withholding and “grandfathering obligations,” which have both been extended to July 1, 2014.  Corresponding adjustments to various other timeframes, […]