Tag Archives | bank secrecy

Austria central bank chief defends privacy

The head of Austria’s central bank warned Saturday that debate about the country’s banking secrecy risks hurting the reputation of its financial system. “Austria is certainly not a tax haven,” Ewald Nowotny told reporters at the World Bank and International Monetary Fund annual spring meetings in Washington. “It’s important that others also see it this […]

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Obama Seeks To End Corporate Offshore Tax Avoidance

The Obama administration is unveiling a new set of measures aimed at ending the use of tax havens and offshore banking centers by US corporations for tax avoidance purposes. It is expected that not only multinationals but also a large number of wealthy families and individuals that use corporate structures will be affected. The administration […]

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European Leaders Pledge (Yet Again) To Crackdown On Offshore Tax Havens

European Leaders have engaged in yet more sabre rattling over offshore banking, with a seven-point plan agreed in Berlin calling for ”sanctions” against ”uncooperative jursidictions”. At a meeting of G20 Nations the European representatives pledged to end tax havens by applying uniform rules to the worldwide financial markets. French President Nicholas Sarkozy affirmed that he […]

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Is Media Furore Over Swiss Bank Secrecy Unfounded?

Swiss banking secrecy has come under fire recently because of the media focus on UBS, Credit Suisse and their US clients. With the volume of news dedicated to the subject you could be forgiven for thinking that bank secrecy in Switzerland is a thing of the past, that Switzerland has handed over the keys to […]

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Tax Evasion Crackdown in Singapore Expected

Investors looking to avoid the EU Savings Tax Directive by moving to Singapore may have pulled the short straw. Under pressure from OECD countries over its impressive bank secrecy, Singapore has looked to buckle up with its senior finance minister denying that it is a tax haven, and encouraging further OECD cooperation. The mininster for […]

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