Capital Conservator » Offshore Bank Accounts

DUTCH PAY INFORMANT FOR SECRET BANK RECORDS

Wed, 04 Nov 2009 12:19:50 +0000

The secret offshore account details of hundreds of dutch citizens have fallen into government hands, after authorities received a tip-off from an informant. The Dutch government say they will offer the informant compensation, in a situation that mirrors a similar 2008 when the German authorities paid for confidential bank account details from a Liechtenstein bank.

http://www.reuters.com/article/domesticNews/idUSTRE5A15BF20091102

US CONGRESS PRESENTS FURTHER MEASURES AGAINST TAX-DODGERS

Thu, 29 Oct 2009 19:29:26 +0000

Future measures against tax havens and offshore tax-dodgers were revealed Tuesday in US Congressional tax committees. A new bill has been dreamed up to stop US citizens from hiding their cash in secret bank accounts, and also hopes to raise USD8.5Bn over the next decade. The legislation follows attempts by US authorities to break open bank secrecy, which resulted in the promise of the names of 4,450 offshore account holders.

http://www.forbes.com/2009/10/27/tax-haven-crackdown-business-beltway-congress.html

UNPUBLISHED DOC ILLUSTRATES FURTHER BANK SECRECY PLANS

Wed, 21 Oct 2009 13:41:31 +0000

United States and EU officials have plans to give themselves greater access to each other´s secret banking databases – reports German newspaper Handelsblatt. An unpublished paper from the office of the EU President indicates that authorities aim to track terror payments more ruthlessly by sharing access to banking information, rather than through simple reveiws of international wire transfers.

http://www.reuters.com/article/companyNewsAndPR/idUSLF3427120091015

IRELAND AND LIECHTENSTEIN SIGN TIEA

Wed, 14 Oct 2009 17:13:28 +0000

Irish and Liechtenstein authorities have penned a tax information agreement that will allow greater cooperation between the two countries over tax matters. The TIEA allows Irish tax authorities to ask for information concerning Irish citizens suspected of tax evasion, such as confidential offshore bank account information or documents which indicate beneficial ownership of an account or offshore company. Whereas previously Ireland could not expect a reply to such requests, it is now likely to be granted information where it has specific evidence in individual cases.

http://www.rte.ie/business/2009/1013/liechtenstein.html

TAX CRACKDOWN UNEARTHS OFFSHORE BANK ACCOUNT SECRETS

Wed, 14 Oct 2009 14:29:06 +0000

A six month amnesty programme for offshore account holders renewed last month has recived over 3000 applications, according to the IRS. The tax amnesty offers those with undisclosed offshore accounts the chance to escape heavier fines and criminal prosecution, in return for a full confession and full payment of back-taxes with interest. Many of the applicants held funds at Swiss bank UBS, and details of their offshore activity have recently come to light in court documents.

http://www.usatoday.com/money/perfi/taxes/2009-10-13-ubs-tax-evasion_N.htm

UK TAXMAN ATTEMPTS TO CLARIFY AMNESTY ISSUES

Wed, 14 Oct 2009 14:17:31 +0000

UK chief taxman Dave Hartnett has tried to clear up the confusion for offshore account holders who try to disclose through the Liechtenstien Disclosure Facility (LDF) rather than through HMRC’s own New Disclosure Opportunity (NDO). Financial advisors were alledgedly encouraging ”confused” offshore investors to use the LDF, said the HMRC permananent secretary for tax.

http://www.accountancyage.com/accountancyage/news/2251146/taxman-speaks-amnesty-confusion

BAE TO BE PROSECUTED OVER SECRET OFFSHORE BANK ACCOUNTS

Thu, 08 Oct 2009 14:21:09 +0000

Six years after the arms company’s network of secret offshore slush funds was first disclosed, the first wheels are in motion leading to a prosecution against BAE Systems, the military aircraft manufacturer. With the help of Lloyds Bank, BAE’s Red Diamond entity secretly kited payments of hundreds of millions of pounds all over the world. Typically, the cash would be wired to another anonymous Panama-registered corporation, with a secret owner and an offshore bank account in Switzerland. Where the cash was directed after that was designed to be a mystery.

http://www.guardian.co.uk/world/2009/oct/01/bae-serious-fraud-office

IRS DEDICATES ELITE SQUAD TO UBS ACCOUNTS

Thu, 08 Oct 2009 13:29:31 +0000

The UBS offshore bank accounts which US authorities suspect conceal billions of dollars in black money are to be handled by an elite squad of bean counters with the expertise to take them on.

A new office within the large and mid size business division will monitor the global transactions of super-affluent US citizens. This division has the most experience in sifting through complex international tax treaties, cross-border transactions and secret offshore companies – making it better suited to taking on the sophisticated structures assembled by tax lawyers.

US authorities expect to receive data on the 4,450 accounts within the coming months but it is not at all certain that they will receive all the information they want.

Although the Swiss government is in receipt of the relevant records, it now has up to a year to decide whether it wants to give them to the IRS. Meanwhile swiss bank account holders have the right to appeal the release of their confidential information.