Tag Archives | offshore banking

UBS Strike Deal With US To Hand Over Biggest Accounts

A preliminary agreement has been reached in the tax evasion dispute between Swiss Bank UBS and US authorities. UBS has agreed “in principle” to hand over records of 5’000 of the biggest accounts that allegedly conceal unreported wealth.The agreement diffuses a potentially embarrassing conflict between Swiss and US authorities. Although the US government originally sought […]

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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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Credit Suisse Gives US Offshore Banking Clients Ultimatum

Credit Suisse is taking further measures to protect itself, by ordering thousands of its American offshore banking clients to leave or face declaring their account details to the IRS. The Swiss newspaper Sonntadszeitung has reported that US customers have the option to move their funds to a Credit Suisse subsidiary, CS Private Advisers, which would […]

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Swiss Offshore Banking Still Strong Says Top Swiss Bank Official

Swiss Offshore Banking is still in a strong position according to the chairman of Swiss Bank Julius Baer, Raymond Baer. His statement comes as international investors fear for the privacy of their Swiss bank accounts following Switzerland’s decision to adopt OECD regulations regarding information exchange. “International clients will continue to appreciate the financial privacy traditionally […]

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Tax Havens of Europe Concede

Switzerland, Austria and Luxembourg said today that they would abide by OECD rules and cooperate on sharing information about customers with other countries on a case-by-case basis, but not automatically, as many countries want. “The decision will permit the exchange of information with other countries in individual cases where a specific and justified request has […]

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British Colonies Braced For ‘Hurricane Brown’ Assault on Tax Evasion

Britain’s crown dependencies and overseas territories are scrambling to defend themselves against the latest rhetoric issued by high-tax countries. Supposedly ‘leading’ offshore centres are pleading for a more discriminate approach to distinguish themselves from the ‘dirtier’ unregulated tax havens. Geoff Cook of Jersey Finance, which represents the island’s financial industry, says: “The thing we worry […]

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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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