Financial Regulatory Forum

ANALYSIS-Asia next in line of fire for U.S. tax police

By Reuters Staff
July 7, 2010

By Jason Rhodes, Kevin Lim and Joe Rauch

ZURICH/SINGAPORE/CHARLOTTE, July 7 (Reuters) – After forcing Switzerland’s top bank UBS ┬áto its knees for helping U.S. residents dodge taxes, U.S. authorities are moving on other banks and countries used to hide clients’ cash.

ANALYSIS-Banks not out of woods after Swiss tax ruling

By Reuters Staff
January 29, 2010

By Kim Dixon

WASHINGTON, Jan 29 (Reuters) – The Swiss court ruling in favor of a U.S. client who stashed funds in a UBS account sets a higher hurdle to aggressive efforts by the U.S. government to go after other banks helping wealthy tax cheats — but the banks are not out of the woods yet.

Order for UBS to release client data ruled unlawful by Swiss court

By Reuters Staff
January 8, 2010

By Jason Rhodes

ZURICH, Jan 8 (Reuters) – The Swiss financial regulator broke bank secrecy law last year when it ordered UBS to hand over the files of nearly 300 clients to U.S. authorities, a Swiss court said on Friday.

U.S. judge rejects leniency for UBS whistleblower

By Reuters Staff
January 4, 2010

By Tom Brown

MIAMI, Jan 4 (Reuters) – A U.S. judge on Monday upheld the prison sentence of a key informant in the tax fraud case against Swiss bank UBS AG and ordered him to start serving his 40-month term as scheduled this Friday.

EXCLUSIVE – U.S. revenue service hires “hundreds” for high-wealth tax cheat unit

By Reuters Staff
December 12, 2009

By Kim Dixon

WASHINGTON, Dec 11 (Reuters) – A new U.S. Internal Revenue Service unit set up to catch rich tax cheats hiding their wealth in complex business entities is rapidly taking shape with the hiring of hundreds of employees.

Swiss would sign Italy tax treaty if off blacklist

By Reuters Staff
November 5, 2009

ROME, Nov 5 (Reuters) – Switzerland’s Economy Minister Doris Leuthard, visiting Rome on Thursday in the midst of a dispute over tax policies, said her country was willing to sign a double taxation treaty with Italy but only if it was removed from a blacklist of tax havens.

Bahamas signs tax accord with Britain in step toward OECD compliance

By Reuters Staff
October 30, 2009

NASSAU, Oct 29 (Reuters)- The Bahamas on Thursday signed a tax information agreement with Britain, in a move it heralded as another step toward inclusion on an Organization for Economic Cooperation and Development (OECD) “white list” of countries that meet internationally agreed tax standards.

Britain’s offshore havens asked to bump up taxes

By Reuters Staff
October 29, 2009

By Huw Jones
LONDON, Oct 29 (Reuters) – Britain’s overseas financial havens should bump up taxes to wean their economies off credit crunch hit banking, insurance and funds services, a government-commissioned report said on Thursday.

7,500 offshore tax evaders come clean – U.S.tax chief

By Reuters Staff
October 14, 2009

U.S. Internal Revenue Service (IRS) Commissioner Douglas Shulman speaks during an interview with Reuters at his office in Washington October 8, 2009. To match interview TAX-OFFSHORE/        REUTERS/Hyungwon Kang  (UNITED STATES CRIME LAW BUSINESS POLITICS) WASHINGTON, Oct 14 (Reuters) – Thousands of wealthy Americans have volunteered information about unreported income hidden in overseas accounts ahead of the deadline for a U.S. government tax amnesty program, the U.S. tax commissioner said on Wednesday.

France to tighten rules on dealing with tax havens

By Reuters Staff
October 7, 2009

PARIS, Oct 7 (Reuters) – The French government plans to strengthen its fiscal rules towards countries on the OECD’s tax “grey list” that have not signed bilateral agreements with France, Prime Minister Francois Fillon said on Wednesday.