Capital Conservator

STEP REPORT PROMOTES TAX HAVEN BENEFITS

Thu, 12 Nov 2009 13:51:43 +0000

While tax havens (or interational financial centres) worldwide are receiving a beating, a report compiled by Society of Trust and Estate practicioners is attempting to navigate the dialogue in another direction. “Offshore financial centers play a key role in the international financial system, improving the availability of credit and encouraging competition in domestic banking systems”. This leads to greater invesment in major economies, and consequently greater growth and more jobs, the report claims.

http://www.thenassauguardian.com/bixex/362714258586493.php

MALTA RANKS HIGHLY IN GLOBAL “SECRECY INDEX”

Thu, 12 Nov 2009 13:28:09 +0000

A global secrecy index compiled by the TJN (Tax Justice Network) has placed Malta as 22nd most secretive jurisdiction in the world. Malta achieved an opacity score of 83 out of 100 for opacity and was judged “a long way from offering financial transparency”. Despite not appearing on many blacklists, Malta still maintains a high degree of secrecy within its banking transactions.

http://www.maltatoday.com.mt/2009/11/08/t8.html

LUXEMBOURG AND GERMANY SIGN TIEA

Thu, 12 Nov 2009 13:21:34 +0000

Luxembourg and Germany have agreed on a Tax Information Exchange Agreement which will allow future data exchange over tax matters between the two countries. The treaty allows Luxembourg to further shed its “tax haven” image by incorporating the “internationally agreed” OECD standard in a treaty with its larger nieghbour, source of a large portion of Luxembourg’s wealth management business.
http://www.reuters.com/article/swissMktRpt/idUSL559134720091105

UBS FACES UP TO CHANGING OFFSHORE PRIVATE BANKING MODEL

Wed, 04 Nov 2009 13:22:14 +0000

UBS Zurich HQ

Changes in the worldwide offshore private banking model and reputational damage from the losses of its investment banking arm mean UBS may continue to suffer private banking outflows. Whereas previously clients at UBS could rely on strict bank secrecy and privacy tools like numbered bank accounts, fisticuffs with US authorities have rendered some of these services obsolete, while scaring away other investors. Many private banks are now taking a different approach to clients who may have undeclared tax liabilities, including greater due diligence and more paperwork. UBS says it continues to lose clients across the board with net new money outflows of 16.7 billion SFR at its wealth management business, which includes private banking, and losses from institutional investors and clients at its US brokerage.

http://online.wsj.com/article/BT-CO-20091103-709514.html

SWISS BANKS STAY IN ITALY DESPITE LIGHTNING RAIDS

Wed, 04 Nov 2009 12:55:03 +0000

Despite a mix of generous tax amnesties and lightning police raids on their offices, Swiss banks in Italy are well position to re-receive Italian clients who leave their domestic Swiss operations, say experts.

Wealthy Italians Are Being Lured Out of Swiss Havens Like Lugano

The Italian branches of Swiss banks should receive enough Italian business to offset the majority of outflows should thousands of wealthy Italians pull out of Switzerland.

The generous amnesty offered by the Italian government means that Italian citizens face no loss if they re-invest in Swiss banks with whom they have built up a trusting relationship.

http://online.wsj.com/article/BT-CO-20091029-718046.html

MAXIMUM SENTENCE FOR BETONSPORTS FOUNDER GARY KAPLAN

Wed, 04 Nov 2009 12:34:56 +0000

Gary Kaplan, the founder of the offshore gambling firm BetOnSports, has been given the maximum prison sentence of 51 months for “conspiring” to break racketeering laws in the US, among other violations. Kaplan has been in jail since March 2007, and has already agreed to hand over around $44 million to US Authorities which the Justic Deparment calls “proceeds” from his gambling activities.

http://www.reuters.com/article/internetNews/idUSTRE5A24IS20091103

DELAWARE AND CITY OF LONDON IN TOP 5 SECRETIVE TAX HAVENS

Wed, 04 Nov 2009 12:28:10 +0000

Delaware, the City of London and Luxembourg have been rated among the most secretive tax havens in a report by campaigners for financial transparency. The Financial Secrecy Index, or FSI, was created to measure the secrecy of offshore financial centers by measuring how much privacy each jurisdiction offered and how willing they were to co-operate with foreign tax authorities. In a surprise to many, the number 1 tax haven in the world was a US state.

http://en.mercopress.com/2009/11/03/delaware-cayman-islands-and-london-city-among-most-secretive-tax-havens

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

SINGAPORE TAKES STEP CLOSER TO ABOLISHING BANK SECRECY

Wed, 21 Oct 2009 14:13:12 +0000

Singapore moved a step close to opening up its famously strict bank secrecy laws when its parliament signed a bill Monday which allowing the island to adopt the OECD standard on tax information exchange. Earlier this year, Singapore was placed on a gray list by the OECD becaused it had not signed the required number of treaties for financial transparency. This bill, which amends income tax law, will delight high-tax officials and strike fear into the hearts of wealthy denizens of offshore banking.

http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=200910191943dowjonesdjonline000502&title=singapore-parliament-passes-bill-to-change-bank-secrecy-laws