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OECD EXPECTS MORE FROM AUSTRIA
OECD officials have called on Austria to continue renegotiating tax treaties following its removal of the country from a “grey list” of tax havens. Austria was taken off the list earlier this week after it had renegotiated more than 12 double taxation treaties and information-exchange agreements with other countries. http://austriantimes.at/news/Business/2009-09-24/16661/OECD_expects_more_from_Austria
CAYMAN ISLANDS FEARS AS DEBTS GROW
As the G20 nations prepare for their meetings in Pittsburgh, the consequences of one of their campaigns, against offshore tax havens, is leading to a stand-off between Britain and some of its overseas territories. At around the same time as the world’s most powerful leaders gather in the US, the head of one of the world’s smallest nations, the Cayman Islands, will address his people to tell them how he intends to solve their financial worries.
http://news.bbc.co.uk/2/hi/americas/8272942.stm
UBS MAY BE SUED BY CANADA ON OFFSHORE ACCOUNTS, GLOBE REPORTS
UBS AG may be sued by the Canadian government if it doesn’t provide information on Canadians who sent money offshore, the Globe and Mail reported. The Canada Revenue Agency is in the midst of talks with the bank, the Toronto-based newspaper said today, citing agency spokeswoman Caitlin Workman.
http://www.bloomberg.com/apps/news?pid=20601082&sid=aRTnEfy_qbww
AMENDED LEGISLATION WILL ASSIST NEVIS OFFSHORE JURISDICTION
The Nevis Reformation Party led Administration continued to develop Nevis’ Offshore Financial sector industry as several amendments to the Nevis Business Corporation Ordinance, 2009 were unanimously passed in the Nevis Island Assembly Chambers on Monday, September 14th, 2009. Premier and Minister of Finance the Hon. Joseph Parry said during the Assembly sitting that the Offshore Financial industry in Nevis was vital to the economy of the island and the Administration remained committed to maintaining the good reputation of the jurisdiction.
http://www.zizonline.com/news/?01244A7F-2219-22DB-AB48AA85AED1E9F9
NEW JERSEY BUSINESSMAN, A UBS CLIENT, PLEADS GUILTY TO TAX EVASION
A wealthy UBS private banking client who owns a building material company in New Jersey pleaded guilty on Friday to tax evasion, the latest American caught in a widening investigation into the giant Swiss bank over its offshore services. Juergen Homann, 66, of Saddle River, N.J., pleaded guilty in Federal District Court in Newark to one count of failing to file a special tax form disclosing the foreign assets.
http://www.nytimes.com/2009/09/26/business/26ubs.html
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ST. KITTS-NEVIS AND MONACO SIGN JOINT TAX TREATY
St. Kitts & Nevis and Monaco have signed the first in a series of planned double-taxation agreements between the small twin-island Eastern Caribbean nation and foreign countries, aimed at ensuring that its financial services sector meets international standards.
HMRC ISSUES FRESH GUIDANCE ON LIECHTENSTEIN
HMRC has issued fresh guidance over the suitability of using the Liechtenstein Disclosure Facility (LDF) versus New Disclosure Opportunity (NDO) after complaints that a lack of clarity could lead tax consultants to give poor advice to clients. With the November 30th deadline to notify an intention to disclose offshore assets under the NDO fast approaching, tax advisers had been seeking answers on whether clients, in certain circumstances, could transfer assets to Liechtenstein to benefit from the less punitive conditions of the LDF compared to the NDO.
http://www.international-adviser.com/lwm/article/768
SINGAPORE WEALTH FUND SAYS INVESTMENTS FELL 20% IN YEAR
SINGAPORE — G.I.C., a sovereign wealth fund of Singapore, said Tuesday that its investments fell more than 20 percent in the year that ended in March, but recovered more than half that loss during the rally on financial markets since then. G.L.C., or the Government of Singapore Investment Corp., the larger of the city-state’s two wealth funds, said it had increased exposure to alternative investments like real estate and natural resources but was bearish on bonds. The fund said its managers were optimistic about emerging markets and Asia.
http://www.nytimes.com/2009/09/30/business/global/30fund.html
FEDERAL OFFICIALS SEIZE ADDITIONAL INTERNET GAMBLING FUNDS
Recent seizures of internet gambling funds related to the payment processor Account Services do not appear to be the end of the U.S. Government’s war against the industry. This week, it was revealed that funds in six more accounts had been seized. The six accounts, according to the Baltimore City Paper, are held by Wachovia and appear under the name Forshay Enterprises. In July and August, other funds were seized in branches of Interstate Net Bank, Bank of America, and First Premier Bank belonging to Electracash and HMD.
http://www.pokernewsdaily.com/federal-officials-seize-additional-internet-gambling-funds-5207/
BNP’S EXIT SPARKS OFFSHORE EXODUS FEARS
The head of the Bahamas Financial Services Board (BFSB) is moving to allay concerns that The Bahamas will see a mass exodus of offshore banks on the heels of the pending exit of BNP Paribas. It’s a response sparked by that bank’s decision to withdraw before the end of 2010 from countries gray listed by the OECD and viewed as “tax havens”.
http://www.thenassauguardian.com/bixex/326630080022103.php
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