US EXTENDS TAX AMNESTY DEADLINE FOR OFFSHORE ACCOUNTS
US authorities Monday extended by some three weeks a tax amnesty deadline for holders of undisclosed offshore bank accounts, citing an influx of people facing “logistical” issues coming forward. The Internal Revenue Service said the deadline, which had been set for Wednesday, was extended to October 15, but indicated there would be no further postponements.
http://www.google.com/hostednews/afp/article/ALeqM5geuRCx9eZgkJ2BkgI-lzXY3hID4w
SWISS EXPECT TO EXIT OECD TAX ‘GREY LIST’ AFTER ACCORD TOMORROW
Switzerland expects to meet the conditions tomorrow for the Organization for Economic Cooperation and Development to remove the country from its tax “gray list,” a government spokesman said. “Most probably the last double-taxation agreement needed to be removed from the list will be signed tomorrow,” finance ministry spokesman Roland Meier said in a telephone interview.
http://www.bloomberg.com/apps/news?pid=20601085&sid=aYvcknWqOVHc
UBS CUTS JOBS AT U.S. WEALTH ARM: SOURCES
Swiss bank UBS AG, which suffered massive client withdrawals after a high-profile U.S. tax fraud probe, has cut around 200 jobs at its U.S. wealth management arm, sources familiar with the matter told Reuters. The layoffs, which one source said come on top of the 8,700 job cuts already announced and involve junior and new advisors, signal an effort by UBS trim under-performing staff after its brand name was damaged by the U.S. tax row.
http://www.reuters.com/article/ousivMolt/idUSTRE58M1WU20090923
TRUSTEE MAY DIVVY UP MADOFF’S ASSETS
The United States may hire Irving Picard, the trustee for Bernard L. Madoff Investment Securities, to help distribute forfeited assets to Madoff’s investors, federal prosecutors said in a court filing. Picard has so far identified about 2,336 account holders who have collectively lost more than $13 billion, prosecutors said. Thousands more account holders have also submitted claims.
http://www.boston.com/business/articles/2009/09/23/trustee_may_divvy_up_madoffs_assets/
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SWISS BANKS PROPOSE UNIVERSAL WITHHOLDING TAX
Swiss bankers on Thursday called for the introduction of a broad withholding tax on earnings generated by foreign wealth to end international pressure on bank secrecy at a time when client inflows are flat. Switzerland’s treasured bank secrecy laws came under unprecedented attack by western nations in the wake of the financial crisis and Berne had to make wide concessions to avert international sanctions.
http://www.reuters.com/article/governmentFilingsNews/idUSLH48559020090917
SURVEY: HONG KONG AND SINGAPORE JOIN LONDON AND NEW YORK AS ‘GLOBAL LEADERS’
Hong Kong and Singapore have joined London and New York as “global leaders” in the financial centre firmament, while Jersey pipped Guernsey and the Isle of Man for the fiercely-coveted title of Top Offshore Centre, according to the authors of a ranking of world financial centres. Shenzhen, a Chinese city few westerners have even heard of, leapt all the way up to fifth place from obscurity in the latest Global Financial Centres Index, sponsored by the City of London and compiled twice yearly by London-based Z/Yen Group.
http://www.international-adviser.com/lwm/article/756
FINLAND CRACKS OPEN SWISS BANKING SECRECY CODES
Finland and Switzerland have signed a new tax cooperation treaty that enables Finnish authorities to access Swiss bank account data even when no crime is suspected. The treaty, which helps investigators home in on hidden assets, still requires parliamentary ratification in both states.
http://www.yle.fi/uutiset/news/2009/09/finland_cracks_open_swiss_banking_secrecy_codes_1023866.html
LGT FACES LAWSUIT FROM GERMAN TAX EVADER
A German tax evader is suing the Liechtenstein bank LGT, claiming the institution failed to inform him that his supposedly confidential financial data was in the hands of the authorities. The Liechtenstein Regional Court confirmed Wednesday a report in Financial Times Deutschland that the civil proceedings would be heard next in Vaduz, the capital of the Alpine principality.
http://www.monstersandcritics.com/news/europe/news/article_1502735.php/LGT-faces-lawsuit-from-German-tax-evader
RANCOROUS ‘CLEARSTREAM’ SLANDER TRIAL OPENS IN FRANCE
France’s most politically charged trial in years began Monday, pitting President Nicolas Sarkozy against former Prime Minister Dominique de Villepin, who is accused of plotting a smear campaign to topple his rival. It has been dubbed the “Clearstream Affair”, named for a Luxembourg financial clearing house, which allegedly held funds in secret bank accounts attributed to Sarkozy, who was interior minister at the time, and other prominent French politicians.
http://www.dw-world.de/dw/article/0,,4710890,00.html
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