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.
Financial Regulatory Forum
By Kevin Drawbaugh
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.
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.
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.
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…)
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.
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…)
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…)