Financial Regulatory Forum

FACTBOX-Tax amnesties around the world

October 15, 2009

    Oct 15 (Reuters) – A U.S. voluntary disclosure programme that helps wealthy Americans avoid criminal prosecution when disclosing secret offshore bank accounts expires on Oct. 15. (more…)

Hidden Swiss funds must return in Italian tax amnesty

October 12, 2009

SANMARINO/    ROME, Oct 10 (Reuters) – Italians who hold undeclared funds in Switzerland, Montecarlo and San Marino must repatriate them to be covered by a new tax amnesty, unlike other countries and the EU, the Italian tax agency said on Saturday. (more…)

Swiss regulator says UBS, CS pass stress test

October 2, 2009

A general view shows the Paradeplatz square and the headquarters of Swiss banks UBS and Credit Suisse in Zurich October 23, 2008. Swiss banking heavyweight Credit Suisse said it had further cut its exposure to illiquid U.S. assets as it confirmed its hefty third-quarter loss on Thursday, but warned the rest of the year would be tough.    ZURICH, Oct 2 (Reuters) – Switzerland’s two large banks, UBS and Credit Suisse, could weather a severe deterioration of the economy, Swiss banking regulator FINMA said on Friday, publishing its conclusion from a stress test for the banks. (more…)

Swiss regulator says UBS,CS face special regulation

September 30, 2009

finma-logo   ZURICH, Sept 30 (Reuters) – Switzerland’s two global banks UBS and Credit Suisse may face tighter regulation than other domestic and international competitors, the country’s banking regulator FINMA said in a strategy paper published on Wednesday. (more…)

New Jersey man pleads guilty for hiding UBS account

September 25, 2009

LIECHTENSTEIN-TAX/   WASHINGTON, Sept 25 (Reuters) – A New Jersey man pleaded guilty on Friday for failing to report about $6.1 million he had held in a UBS AG <UBSN.VX><UBS.N> Swiss bank account, the latest plea in the U.S. crackdown on tax fraud. (more…)

Banks see damage from tighter Swiss regulation

September 25, 2009

UBS/TAX   By Emma Thomasson
   ZURICH, Sept 25 (Reuters) – Swiss bank UBS <UBSN.VX> said new capital rules could put the country’s financial industry at an international disadvantage as it struggles to rebrand itself after bank secrecy was relaxed. (more…)

Swiss say to be removed from tax haven list

September 25, 2009

Swiss President and Finance Minister Hans-Rudolf Merz speaks to members of the National Council during the autumn parliament session in Bern September 22, 2009. REUTERS/Pascal Lauener (SWITZERLAND POLITICS) By Lisa Jucca and Sven Egenter
ZURICH, Sept 24 (Reuters) – Switzerland expects to be taken off the OECD’s list of tax havens after the country signed the required 12th tax deal on Thursday.

U.S., Swiss formally sign new tax treaty

September 23, 2009

WASHINGTON, Sept 23 (Reuters) – The U.S. and Swiss governments on Wednesday formally signed a new tax treaty, which the Obama Administration said furthers its efforts to combat international tax evasion.

UBS warns US clients as tax amnesty deadline nears

September 18, 2009

The logo of Swiss bank UBS is seen at the company's office at the Bahnhofstrasse in Zurich July 1, 2009. By Kim Dixon
WASHINGTON, Sept 18 (Reuters) – UBS AG has formally warned wealthy American clients that secret Swiss accounts may be revealed to U.S. tax authorities after the Wednesday expiration of an amnesty program that could give them immunity from prosecution.

Swiss banks propose universal withholding tax

September 17, 2009

A Swiss flag is pictured on top of the Dresdner Private Banking building in Geneva March 18, 2009. Swiss Foreign Minister Micheline Calmy-Rey will meet her French counterpart Bernard Kouchner, starting a series of meeting in European countries about the pressure on Switzerland to ease its banking secrecy.  REUTERS/Denis Balibouse (SWITZERLAND BUSINESS POLITICS)   By Lisa Jucca, European Wealth Management Correspondent
   ZURICH, Sept 17 (Reuters) – Swiss bankers on Thursday called for the introduction of a broad withholding tax on earnings generated by foreign wealth to end international pressure on bank secrecy at a time when client inflows are flat.