US Appeals Upholds Internet Gambling Ban
US APPEALS COURT UPHOLDS INTERNET GAMBLING BAN
A U.S. appeals court upheld an Internet gambling ban Tuesday, rejecting a challenge from an association of off-shore bookies that the federal prohibition was too vague and violated privacy rights. The 3rd U.S. Circuit Court of Appeals in Philadelphia rejected arguments from Interactive Media Entertainment & Gaming Association in New Jersey, which had filed the lawsuit hoping to legalize online betting in that state.
http://www.google.com/hostednews/ap/article/ALeqM5hn5vbm6vFSv42Eyqh0SRSf8bS9hQD9AEREHG0
AUSTRIA RELAXES BANK SECRECY RULES
Austrian lawmakers have voted in favor of relaxing the country’s banking secrecy regulations. The approval during a special session of parliament Tuesday paves the way for the Alpine republic to be removed from the Organization for Economic Cooperation and Development’s “gray list” of countries not complying with international reporting norms.
http://www.forbes.com/feeds/ap/2009/09/01/business-eu-austria-banking-secrecy_6836957.html
‘BLOOD OATH’ SEALED STANFORD DEAL, COURT IS TOLD
R. Allen Stanford’s relationship with the chief regulator of his Antigua bank was closer than most. At a meeting in 2003, they became blood brothers, cutting their wrists and mixing their blood in a “brotherhood ceremony” that Mr. Stanford’s chief financial officer said promoted an elaborate scheme to hide a multibillion-dollar fraud from American and other regulators.
http://dealbook.blogs.nytimes.com/2009/08/28/blood-oath-sealed-stanford-deal-court-is-told/
IRS CORPORATE AUDIT DIVISION WILL EXAMINE UBS TAX EVASION CASES
The U.S. Internal Revenue Service is shifting audits of wealthy Americans suspected of offshore tax evasion to an elite division that usually examines businesses as it prepares to receive data on 4,450 UBS AG Swiss bank accounts. The tax agency posted internal job listings yesterday seeking auditors to work for a newly created office within its Large and Mid-Size Business division that will be tasked with monitoring what it called the “global high-wealth industry.”
http://www.bloomberg.com/apps/news?pid=20601103&sid=aIwcvA9gW3dE
**************************************************************
Capital Conservator Offers Multi-Currency Accounts!
* 10+ Different Currencies Available: USD, GBP,
EUR, JPY, CHF, NOK, SEK, and more!
* Adding additional currencies is easy and set-up takes less
than one business day.
* With your paid account additional currencies are FREE!
Click below to diversify your currency risk now:
http://www.capitalconservator.com/offshore-accounts/
**************************************************************
LIECHTENSTEIN, GERMANY TO SIGN DEAL ON TAX EVASION
Liechtenstein has agreed to provide Germany with information on suspected tax evaders starting next year, officials said Monday.
The deal, to be signed Wednesday in Vaduz, ends a long-running dispute between Liechtenstein and its powerful northern neighbor, which has accused the tiny Alpine principality of providing Germans with a safe haven to hide their fortunes from the tax man.
http://www.forbes.com/feeds/ap/2009/08/31/business-eu-liechtenstein-germany-tax-evasion_6832474.html
STATE REVENUE AGENTS MINE SOCIAL-NETWORKING WEB SITES TO CATCH TAX EVADERS
Tax deadbeats are finding someone actually reads their MySpace and Facebook postings: the taxman. State revenue agents have begun nabbing scofflaws by mining information posted on social-networking Web sites, from relocation announcements to professional profiles to financial boasts.
http://online.wsj.com/article/SB125132627009861985.html
NETHERLANDS ANTILLES, CANADA SIGN TAX TREATY
The Netherlands Antilles and Canada have signed a bilateral agreement for the exchange of information for tax purposes.
State Secretary of Finance of the Netherlands Antilles Alex Rosaria and Canadian Finance Minister Jim Flaherty, signed the agreement on Saturday in Vancouver.
http://www.caribbeannetnews.com/news-18522–11-11–.html
OFFSHORE PRIVATE BANKING MODEL IS DEAD, EXPERTS SAY
UBS’s capitulation to the U.S. tax authorities and a global crackdown on tax evasion are denting the allure for banks to shelter untaxed money, experts say. “The entire offshore banking model seems to be dead,” said Teodoro Cocca, a professor for Wealth and Asset Management at the Johannes Kepler University in Austria.
