Banks tagged posts

Swiss Regulator Calls for More Tax Transparency

March 29, 2012 Taxation in Switzerland

Focus on wealth management and money investing
BERN – Switzerland needs to consider new policies on the international exchange of tax information, if the country wants to maintain its position as a global leader in wealth management.

At its annual press conference, held on March 27th in Bern, the Swiss Financial Market Supervisory Authority (FINMA), stated that the country and national financial institutions needs to review its policies regarding exchanges of international tax information and embrace a greater levels of tax transparency.

According to the director of FINMA Patrick Raaflaub, who led the conference, Switzerland could lose its competitive edge as a destination for wealth management in the future, unless it can shake the negative image placed on the country in recent years following international allegations of tax evasion...

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New Tax Deal for Swiss Banks

December 19, 2011 Taxation in Switzerland

Swiss Bank SecrecyBERN – Selected Swiss banks are being offered the opportunity to avoid prosecution by US authorities in exchange for information on their operations with US clients.

On December 18th the international mass media revealed that 11 Swiss banks were presented with the deal on December 16th, which will see US authorities drop their investigations into the bank’s practices, if the institutions agree by December 20th to divulge details on their US based clients and operation.

Swiss banks which agree to the deal will need to provide US tax authorities with full administrative assistance in their investigations into US taxpayers using Swiss bank accounts to hide their assets...

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Swiss Banks Will Maintain Their Confidentiality

August 11, 2011 International Tax CooperationOffshore BankingTaxation in GermanyTaxation in Switzerland

12 FrancsSwitzerland is set to step into a new era for its finance industry, as German and Swiss tax authorities come to an agreement in their long running dispute regarding cross border tax evasion and bank secrecy.

Swiss banks will soon shell out CHF 2 billion (EUR 1.9 billion) to Germany to cover lost tax revenues resultant from German taxpayers hiding their assets in Swiss bank accounts. The payment comes as a part of a deal reached between German and Swiss tax authorities aiming to put an end to the occurrence of German nationals using the Swiss banking system to hide their assets and capital, and evade their tax obligations.

The details of the final draft of the new agreement were jointly announced by the German and Swiss tax authorities on August 10th, and the agreement is expected to be o...

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UK Banks Propping Up Nigerian Corruption

October 15, 2010 Taxation in NigeriaTaxation in UK

42-15535702Major UK banks are being accused of actively aiding corruption and spreading poverty in Nigeria by holding accounts and accepting transactions from corrupt politicians.

A new report by the UK anti-corruption group Global Witness has condemned Barclays, HSBC Bank, the Royal Bank of Scotland, NatWest and UBS for holding accounts and processing transactions of two Nigerian politicians. Allegedly, between 1999 and 2005 the banks accepted millions of pounds in transactions and deposits into accounts held by the Nigerian politicians Diepreye Alamieyeseigha, former governor of Bayelsa State, and Joshua Dariye, former governor of Plateau State, without adequate screenings for signs of corruption or illicit cash flows.

In 2005 Diepreye Alamieyeseigha was accused of corruption after he was discover...

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US Banks Recovering But Still Fragile

August 2, 2010 International Tax CooperationTaxation in USA

Twenties on WhiteThe US Government’s policy response to the 2008 financial market meltdown have counteracted the weaknesses within the banking system, but “pockets of fragility” still remain, which need to be addressed rapidly to mitigate further risks and Government costs.

The Financial System Stability Assessment report, prepared by the International Monetary Fund (IMF), was released on July 30th, and aimed to inspect the overall “soundness” of the banking and financial sector, judge the effectiveness of banks in upholding international risk standards, and evaluate the policies and safety nets instated for the industry. The Financial Sector Assessment Program (FSAP), the International Monetary Fund (IMF) division responsible for the report, also conducted bank stress tests, which aimed to evalu...

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