12/02/2014
Wylys Should Pay $329 Million for Fraud, SEC Tells Judge
The Securities and Exchange Commission asked Scheindlin to order the Wylys to pay $329 million plus interest. Their lawyer estimated the total could be $700 million.
Legal,Regulation,Tax & Compliance
12/02/2014
How the HMRC helped tax avoiders stay ahead of the law - by shifting cash for Switzerland to Liechtenstein
The crackdown on wealth stashed in Switzerland has failed. Why? Because of a deal Britain cut with Liechtenstein
12/02/2014
Insurance premium tax exemption for spacecraft - In force 1 December 2014
The UK Government is committed to the exciting opportunities open to the space sector and the goal of raising the UK share of the projected £400 billion global space-enabled market to 10% by 2030.
12/02/2014
George Osborne Mulls 'Super-Tax' For British Money In Swiss Bank Accounts
Under proposals being considered by HMRC, Britons with money stored in Swiss bank accounts face being hit with a 200% penalty in March 2016 if they do not declare it to the taxman.
12/02/2014
FATCA - Status of jurisdictions with agreed-in-substance, but unsigned, IGAs at close of 2014
The IRS today released an advance version of Announcement 2014-38 containing jurisdictions that have been treated as if they have agreed “in substance” to a FATCA intergovernmental agreement (IGA), but that do not in fact sign the IGA before D
12/02/2014
UBS Must Face Loreley Fraud Claim in Lawsuit Over CDO Losses
Loreley sued UBS over what it said were four fraudulent CDOs, one of which was arranged by UBS “at the behest of” Magnetar Capital LLC, a hedge fund that had bet against the housing market and selected the collateral for the securities, accord
12/01/2014
A whistleblower who has helped Europeans recover billions in taxes
Investigations have lead to the creation of the so-called “Falciani List,” which contains the information of the suspected tax evaders.
12/01/2014
Slaughters and Latham lead on €3.8bn Swiss packaging group takeover
Slaughter and May and Latham & Watkins have scored the advisory roles on buyout firm Onex Corp's acquisition of Swiss packaging group SIG Combibloc Group for around €3.75bn
12/01/2014
Elian launches ground breaking client due diligence app
Elian has launched a ground breaking app that provides a paperless alternative to certified true copies for individual client due diligence (CDD) purposes.
12/01/2014
Johnson's Anti-Fatca Crusade Is "Noble" Says Wealth
Fatca is intended to stop Americans dodging taxes by hiding their wealth overseas, but it has proved controversial because it extends to all American passport holders, even those who have only a tenuous link to the US.
11/30/2014
New powers for HMRC by Baker Tilly
We reveal some of our predictions for next week’s Autumn Statement.
11/30/2014
Thailand's Prince Vajiralongkorn strips wife's family of royal name
The BBC reports that the prince has has asked the government to strip his wife's family of their royally bestowed name, a move that is thought to be the first step in the couple's official separation.
11/29/2014
Russian De-offshorisation Legislation – how the new law on taxation of Controlled Foreign Companies affects you and your clients by Withers
The new law on the taxation of controlled foreign companies (the 'CFC') and other anti-offshore measures (the 'Law') has received Presidential Assent on Monday this week (24 November 2014) and will come into force starting from 1 Janua
11/28/2014
Ex-Rothschild expert is the latest to fall victim to wine hustle in £50,000 con
A leading wine merchant has become the latest victim of wine fraud after being conned out of vintage bottles worth £50,000.
11/28/2014
Vincent Tchenguiz launches £2.2bn legal action against Grant Thornton and Kaupthing
Follows collapsed Serious Fraud Office case against the property billionaire
11/28/2014
Hedge fund manager's ex-wife to get record divorce settlement
Jamie Cooper-Hohn, the ex-wife of Children’s Investment Fund Management UK founder Chris Hohn, is to receive $530m of the couple’s marital assets
11/28/2014
Argentina IDs accounts in alleged tax evasion
The agency's revelation came a day after it charged HSBC bank with helping Argentines evade taxes by stashing about $3 billion in the secret accounts.
11/27/2014
Barclays says its Swiss private bank drops out of U.S. tax deal
Barclays' private bank in Switzerland has dropped out of a U.S. programme aimed at cracking down on wealthy Americans evading taxes through hidden offshore accounts, the British bank's market head for Switzerland said on Thursday.
11/27/2014
Argentina charges HSBC with aiding tax evasion via Swiss accounts
Argentina's move comes as part of a global crackdown on undeclared funds held in offshore havens, after the global financial crisis strained government budgets and made the need to maximize tax receipts more pressing.
11/26/2014
OECD releases 2013 mutual agreement procedure statistics
As part of the OECD’s work to improve the timeliness of processing and completing mutual agreement procedure (MAP) cases under tax treaties and to enhance the transparency of the MAP process, the OECD makes available to the public, via its website,