New York and London are consolidating and strengthening their positions atop the global financial system, according to the FT’s John Pender. The latest edition of the Global Financial Centres Index (GFCI) shows these two leading centers to be considerably more “resilient” than others, ranking as the world’s only “truly global financial centres.” The GFCI, which is [...]
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Offshore Assets Valued at 60M Returns to Offshore Accounts
On Tuesday, angry Supreme Court Justices wanted to ascertain why $60 million USD in suspicious monies of the President Asif Ali Zardari were returned to offshore companies in the President’s name instead of returned to the national treasury, where they believe that it belongs. The National Accountability Bureau presents a document to the court. The [...]
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7,500 Seek Offshore Account Amnesty
(as reported by the AFP) WASHINGTON — More than 7,500 US citizens with secret offshore bank accounts have come forward to diclose their offshore accounts and pay back taxes due to an IRS amnesty program expiring Thursday, officials said. The Internal Revenue Service said it was too early to have the total number of taxpayers who would request amnesty under the program but [...]
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Do Offshore Tax Evaders Deserve Sympathy
“Offshore Tax Evaders”… That’s how James Stewart chose to categorize those currently scrambling under the governments determination to attack offshore account holders’ privacy in his recent Wall Street Journal article. While the spurious nature of such a straw man is evident, we’ll continue to look at what he writes before editorializing his work to death. [...]
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Swiss Banks Close American Offshore Accounts
Some of Switzerland’s biggest banks are telling US clients that their accounts will be closed and moved into specially created US-registered units – or lost for ever. Even smaller private banks are closing the accounts of US citizens, judging the threat of litigation in suspected tax evasion cases to be too great. Swiss banks must [...]
Posted in Uncategorized Tagged irs investigation, numbered bank account, offshore bank account, sec registered, swiss bank account, tax evasion Comments closed
Tax Haven Blacklists and Offshore Accounts
There has been a lot of controversy surrounding the most recent g20 meetings and the blacklisted tax haven list that came out of the meeting. The consensus among most is that the list was highly political and that it was nothing more than a tool to force compliance on those countries without protection from one [...]
Offshore Account Holders Not Enticed by IRS Bait
In March, The IRS trumpeted new limits on penalties and fines for offshore account holders. The new guidelines were an effort to entice those with offshore accounts into voluntary compliance with the tax regulations regarding the accounts. To date, however, many of those the new regulations were intended to coax have been slow to come out of [...]
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