Financial Regulatory Forum

WRAPUP 1-Obama financial reforms advance in U.S. Congress

Onlookers gather outside the historic Federal Hall where U.S. President Barack Obama is speaking in the heart of Wall Street in New York September 14, 2009. Obama, marking a year since Lehman Brothers collapsed, urged financial firms Monday not to fight regulatory reform and urged Congress to pass his proposals by the end of the year. (File Photo)     REUTERS/Larry Downing (UNITED STATES BUSINESS POLITICS)   By Kevin Drawbaugh
WASHINGTON, Oct 27 (Reuters) – The Obama administration made gains on Tuesday in its push for U.S. financial reform, unveiling a landmark bill to tackle systemic risk in the economy and winning congressional committee approval for a measure to expose hedge funds to more government scrutiny.The systemic risk bill would grant vast powers to a new systemic risk regulatory council, the Federal Reserve and the Federal Deposit Insurance Corp to monitor and address risks to economic stability posed by shaky financial holding companies.

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U.S. tax bill demands reporting by banks, rich to fight offshore evasion

U.S. Senator Max Baucus (D-MT), chairman of the Senate Finance Committee, smiles before the Committee passed the Democratic healthcare reform bill with a 14-9 vote, October 13, 2009 on Capitol Hill in Washington. (File Photo) REUTERS/Jason Reed  (UNITED STATES POLITICS HEALTH)  By Kim Dixon
WASHINGTON, Oct 27 (Reuters) – U.S. Democrats aim to stop rich Americans from hiding assets offshore to evade taxes by slapping penalties on individuals and foreign banks, according to legislation introduced in the U.S. Congress on Tuesday.

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US seeks sentence cut for UBS client in tax case

WASHINGTON, Oct 23 (Reuters) – The U.S. government is seeking a reduced sentence for a former client of UBS AG, who provided substantial information in a probe that found the Swiss bank helped Americans stash money overseas to evade taxes, according to a court filing on Friday.Steven Rubinstein will be the first UBS client to be sentenced in the criminal cases being brought by government lawyers against scores of UBS clients and will face sentencing in the U.S. District Court for the Southern District of Florida next Wednesday.

Rubinstein pleaded guilty to failing to report a UBS account, and deserves a relatively mild sentence because he has “provided substantial assistance” in the UBS probe, the government said.

The U.S. alleged that the accountant, who had worked for a company helping clients buy and sell yachts, evaded taxes on $3 million by stashing funds in a British Virgin Islands corporation set up with a UBS account from 2001 to 2008.

Ex-Boeing manager pleads guilty in UBS tax case

The logo of Swiss bank UBS is seen at the company's office at the Bahnhofstrasse in Zurich July 1, 2009. UBS could still settle a damaging U.S. tax case even though Washington is pushing ahead with a lawsuit to force the Swiss bank giant to identify clients, the Swiss Finance Minister said.   REUTERS/Arnd Wiegmann (SWITZERLAND BUSINESS IMAGES OF THE DAY) By Kim Dixon
WASHINGTON, Oct 5 (Reuters) – A retired sales manager for airplane maker Boeing Co on Monday pleaded guilty to hiding nearly $2 million in Swiss UBS AG accounts, as the United States pursues Americans illegally stashing funds abroad to avoid taxes.

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U.S., Swiss formally sign new tax treaty

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.

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Monaco, U.S. sign tax cooperation deal

Monaco's Prince Albert II WASHINGTON, Sept 8 (Reuters) – The tiny city-state of Monaco, once on an international black list of the tax havens, signed a deal on Tuesday to abide by international norms in exchanging information about U.S. citizens who may be evading taxes by keeping money offshore. (more…)

Offshore private banking model is dead after UBS probe, experts say

By Lisa Jucca, European Wealth Management Correspondent
ZURICH, Sept 1 (Reuters) – A U.S. tax probe against Swiss bank UBS has killed traditional offshore banking and wealth managers will have to improve their offers to survive, bankers and industry experts said on Tuesday.

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U.S. files formal request for UBS client data

U.S. President Barack Obama (C) walks alongside his friend Eric Whitaker (R) as Robert Wolf, Chairman and CEO of UBS Group Americas (L), drives past in a cart as they play golf at Farm Neck Golf Course at Oak Bluffs on Martha's Vineyard, Massachusetts, August 24, 2009.          REUTERS/Jason Reed  ZURICH, Aug 31 (Reuters) – The United States has launched the formal process to get account details of 4,450 American clients of UBS suspected of tax evasion, the Swiss finance ministry said on Monday.

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U.S. targeting American clients of UBS for criminal tax evasion

USA/UBS By Tom Brown
MIAMI, Aug 18 (Reuters) – The United States is building criminal cases against more than 150 American clients of Swiss bank UBS as part of a crackdown on tax evasion now made easier by a deal over access to secret account information. (more…)

UBS tax deal may pave way for bank’s recovery

By Jason Rhodes
ZURICH, Aug 18 (Reuters) – Details of a landmark settlement of the U.S. tax case against Swiss bank UBS are expected this week, which should help the bank restore its image and open the way for the Swiss state to sell its UBS stake. (more…)

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