Fears of a Greek bank run
Fortune, March 9, 2010
Swiss party against approval of UBS deal with U.S.
Reuters, March 9, 2010
Ghana Risks Being Conduit For ‘Dirty Money’ – UK Attorney
Peace FM Online (Ghana), March 10, 2010
UN report: Much of Somalia’s food aid diverted
The Associated Press, March 10, 2010
China wages war on pervasive corruption
USA Today, March 10, 2010
Asia’s Most Corrupt Countries
Forbes, March 10, 2010
Government finalizing information exchange agreements with tax haven governments
The Hankyora (Korea), March 10, 2010
Liberal Party turns on banking secrecy
World Radio Switzerland, March 9, 2010
Former UBS chairman willing to give evidence-report
Reuters, March 9, 2010
Swiss banks still have right combination
The Financial times, March 9, 2010
David Cameron comes out fighting over Ashcroft
The Guardian, March 8, 2010
Impact of ‘Ashcroft effect’ in doubt
The Financial Times, March 7, 2010
Austrian banks used in alleged money-laundering
Reuters, March 8, 2010
India to create money-laundering database
UPI, March 9, 2010
Ethiopia Put on Financial Blacklist
Addis Fortune (Ethiopia), March 7, 2010
Is 2010 the Year of Avoiding Taxes?
U.s. News and World Report, March 8, 2010
Foreign Aid and Salvadoran Corruption
The Wall Street Journal, March 7, 2010
Indonesia most corrupt of key Asian nations – PERC
Reuters International, March 8, 2010
Credit Suisse: Doesn’t Accept New, Undeclared Funds
Dow Jones Newswire, March 8, 2010
Offshore Assets Tax Amnesty Seen to Fall Short
Reuters, March 8, 2010
U.S. Enriches Companies Defying Its Policy on Iran
The New York Times, March 6, 2010
U.S. Warning Practitioners Handling Offshore Account Cases About Sanctions for Nondisclosure
Tax Analysts, March 8, 2010
U.S. Ups Criticism, Pressure On Kenya
The Wall Street Journal, March 2, 2010
Italian Cabinet approves corruption crackdown
The Associated Press, March 1, 2010
Iraq VP slams corruption, urges a vote for ‘change’
AFP, March 1, 2010
Guatemala fires minister for alleged corruption
The Associated Press, March 1, 2010
Vontobel Evaluating Ops For US Offshore Clients
Dow Jones Newswire, March 2, 2010
Swiss lawmakers threaten to haul Germany to the world court for purchasing data on tax evaders
The Associated Press, March 2, 2010
US tells India to tighten regulation to curb money laundering
The Hindu, March 2, 2010
Fastweb Founder Questioned By Judge In Money Laundering Probe
Dow Jones Newswire, March 2, 2010
BAE Systems pleads guilty in fraud conspiracy case
Bloomberg News, March 1, 2010
Gome China Unit Indicted for Bribery at Beijing Court
Bloomberg News, March 1, 2010
Oliver North from Fox News wrote a column today about the increasing rate of murders, kidnappings, and drug smuggling along the Mexico-U.S. border. After discussing the problem, he adds,
There are other challenges the administration has failed to address as well. Everyone involved – from the Andean basin to the streets of Chicago knows that the flow drugs north won’t stop until the flow of money south is interdicted. Arizona’s Attorney General, Terry Goddard, recently won a major settlement with Western Union about illicit financial transactions. The Departments of Justice and Treasury lauded the outcome of this contentious issue, because Western Union has agreed to turn over money transfer data on suspicious transactions.
Arrests and prosecutions from this information are likely. Equally certain is that the cartels will look for new ways to move money. According to those engaged in this fight, cartel bosses are always looking for new ways to move drugs and money. Unfortunately, our ability to detect cash transfers through European banking institutions suffered a crippling setback last month when the European Commission shut down U.S. law enforcement and intelligence access to the Terrorist Financial Tracking System (SWIFT) that had been so carefully created in the aftermath of 9/11.
Every week, we are reminded by the pervasiveness of the financial transparency issue. This week, an opaque financial system is enabling violence in Latin America. Last week, we saw it pop up in Greece. Who knows where it will travel to next? The constant is the solution: financial transparency. Hopefully, mainstream media reports will connect the dots.
Govt loses 30% revenue to evasion
The Zimbabwean, February 26, 2010
Germany buys Swiss bank data in tax evasion crackdown
Reuters, February 26, 2010
Swiss to outlaw untaxed money but wants to cling on to bank secrecy
Investment International, March 1, 2010
U.S.-UBS Deal Is Undermined by Swiss Ruling
Bloomberg News, February 26, 2010
Korean Depositors in Switzerland Face Monitoring
Korea Times, March 1, 2010
Silvio Berlusconi ‘avoiding justice’, demonstrators say
BBC World News, February 27, 2010
Berlusconi corruption trial adjourned to March 26
Reuters, February 27, 2010
Over 2,000 Italians probed in new tax crackdown
Reuters, February 26, 2010
OECD to list tax offences as form of money laundering
AFP, March 1, 2010
Russia Busts Crime Ring That Laundered $1.6 Billion
Bloomberg News, March 1, 2010
‘Documents prove Olmert’s guilt’
Jerusalem Post, February 26, 2010
India targets ‘black’ money
The National (UAE), February 27, 2010
Costa Rica looks to take itself off tax haven list
Tico Times (Costa Rica), March 1, 2010
Hedge-Fund Assets Offshore Exempt From Reporting Rule
Bloomberg News, February 26, 2010
Tax havens robbing 255 bn euros of poorest nations
PTI News, February 28, 2010
Wealthy Pakistanis Should Pay More Tax, Clinton Says
Tax Analysts, March 1, 2010
Switzerland Rejects Automatic Tax-Data Exchange
The Wall Street Journal, February 25, 2010
Swiss to Submit Revised UBS Tax Deal to Parliament
The New York Times, February 24, 2010
Multinationals face gathering tax storm
The Financial Times, February 25 2010
Climate change’s secret weapon
The Asia Times, February 26, 2010
Telecom Italia Delays Results Due to Money-Laundering Probe
The New York Times, February 25, 2010
US Expands Probe Of Lilly’s Compliance With Antibribery Law
Dow Jones Newswires, February 25, 2010
Ribadu: Corrupt Nigerians Should be Prosecuted on US Soil
This Day, February 24, 2010
Ramdev advocates death penalty for corrupts
Press Trust of India, February 23, 2010
Niraj Choksi of The Atlantic Online posted a very well-reasoned argument about how Greece’s tax evasion troubles are severely impeding their ability to respond to fiscal crisis. Some clips:
Tax dodging in Greece is so rampant that the Bank of Greece estimates the country could be losing as much as five billion euros a year. While that’s a far cry from the €54 billion needed for 2010, it could result in much harsher cuts as the country tries to get out from under its crushing debts.
That lost tax money would have nullified the need for Greece’s planned 10-year bond issue, which is expected to raise up to €5 billion, or a set of new austerity measures to cut €2.5 billion, which the government will discuss this week with European Union and International Monetary Fund officials.
Despite decent annual economic growth, Greece was receiving less in tax revenue than its EU peers.
The Huffington Post posted today a 12-step plan to cut the US deficit by 1 trillion dollars by 2015. It is a definitely must read. Some clips:
Implement the President’s and Congress’s International Tax Reforms
The president should eliminate tax breaks for companies that keep profits overseas, and Congress should tax corporations that are managed and operated in the U.S. as U.S. companies and drastically increase reporting of offshore income. Savings by 2015: $557.9 billion
Implement Surtax on Corporate Book-Tax Gap
Place a small tax on the dollar amount that is the gap between what a corporation reports to its shareholders and what it reports to the IRS (which is usually a lot smaller). Savings by 2015: $15 Billion
Close The Carried Interest Loophole
Tax a major source of income for hedge-fund managers at the same rate that all other Americans are taxed on their income, not at 15%. Savings by 2015: $15.6 billion.
The $557.6 billion figure is by far the highest in the Huffington Post’s twelve recommendations, constituting over half of the total sum of savings. This demonstrates that global tax evasion is not just a problem for the developing world: the loss of important tax revenue hurts us here at home too. A crack down should be at the front of any domestic deficit reduction debate. Hopefully, the austerity of lean times will serve as an impetus for long-needed change.
Italian Billionaire, 55 Others Sought in Sweeping Fraud Probe
The Wall Street Journal, February 24, 2010
Insurance companies lead the way out of tax havens with Ireland proving a popular choice for incorporation
Investment International, February 24, 2010
Swiss suggest fix to UBS tax headache in U.S.
Reuters, February 24, 2010
Swiss Govt: Costs For IRS Settlement Talks To Be Passed To UBS
Dow Jones Newswire, February 24, 2010
Two Caribbean nations being eyed by financial taskforce
Caribbean360, Februrary 24, 2010
AstraZeneca agrees to pay £505m to settle UK tax dispute
The Guardian, February 23, 2010
U.S. will use banks to thwart Iran nukes
The Washington Times, February 24, 2010
Economic experts asked to amend AML, TF Bill 2009
The Daily News (Pakistan), February 24, 2010
EUROPE: Tax Evasion Rampant Despite Treaties With Tax Havens
IPS, February 23, 2010
Italy, Greek Tax Amnesties Offer Easy ‘Penitence,’ Prodi Says
Bloomberg News, February 22, 2010
French tax haven black list angers countries trying to comply with international rules
Investment International, February 23, 2010
A Vision of Iceland as a Haven for Journalists
The New York Times, February 21, 2010
Liberia Nears HIPC Completion Point
The Liberian Observer, February 23, 2010
UPDATE: Ecuador To Propose Latam Group To Fight Money Laundering
Dow Jones Newswire, February 22, 2010
Swiss minister questions tax evasion rule
Reuters, February 21, 2010
Swiss may yield on bank secrecy for wider EU access
Reuters, February 19, 2010
Thousands in Germany Confess to Tax Evasion
The Associated Press, February 19, 2010
Ecuador says Iran ties landed it on laundering list
Reuters, February 20, 2010
$350 million WB annual support to the Yemeni EITI
Yemen Observer, February 20, 2010
East Timor swears in first anti-corruption boss
Reuters, February 22, 2010
Bank transaction tax would reduce debt and poverty: report
Financial Times Advisor, February 15, 2010
The Difficulty of Addressing Governance Issues Underlying Illicit Financial Flows
Task Force on Financial Integrity and Economic Development, February 18, 2010
New norms for pricing intangibles soon
The Financial Express (India), February 17, 2010
Businesses concerned over new Transfer Pricing rules
Inside Ireland, February 17 2010
‘Tax havens’ info system a concern’
The Financial Express (India), February 18, 2010
Grenada & Montserrat says they should not be on France’s blacklist
Radio Jamaica, February 16, 2010
Another int’l firm seeks exit from Cayman Islands
The Associated Press, February 17, 2010
Luxembourg summit to discuss future of bank secrecy
Reuters, February 13, 2010
Zurich Prosecutor Won’t Open Probe Involving UBS Employees
Dow Jones Newswire, February 17, 2010
Group to reveal laundering, terror funding blacklist
Reuters, February 17, 2010
Houston firm braces for fines from alleged bribes
Bloomberg News, February 16, 2010
UAE vows to fight corruption
Emirates Business, February 18, 2010
Outsiders’ champion
European Voice, February 2, 2010
The Whistleblowers
The Huffington Post, February 17, 2010
Lloyds moves to quell fears over executive earnings
The Independent, February 15, 2010
Case Is Said to Link HSBC to U.S. Tax Evasion Inquiry
The New York Times, February 16, 2010
Microsoft, Dell Prepare to Fight Tax Increase in Obama’s Budget
Bloomberg News, February 17, 2010
Tax-Evasion Amnesty So Far Yields EU85.1 Bln, Bank of Italy Says
Bloomberg News, February 17, 2010
U.S. Senate Job Creation Package Would Use Foreign Account Tax Compliance Offsets
Tax Analysts, February 17, 2010
New Report Finds Developing Country Governments Lose $100 Billion Annually Due to Trade Mispricing
Global Financial Integrity, February 12, 2010
U.S. vs. Swiss Tax Cheats: A Whistleblower Ignored
Time Magazine, February 13, 2010
Offshore centers seek to solve bank secrecy riddle
Reuters, February 14, 2010
Era of banking secrecy may soon come to an end
Financial Times, February 16, 2010
How U.S. Legal Loopholes Are Aiding Money Launderers
Time Magazine, February 15, 2010
Automatic exchange of information “inevitable”
SwissInfo, February 13, 2010
Greek crisis proves Switzerland is still a safe haven
Financial Times, February 15 2010
France has tax havens list
AFP, February 15, 2010
Costa Rica still on blacklist of tax havens
Tico Times (Costa Rica), February 16, 2010
Wealthy Repatriate $500B From Tax Havens
Financial News, February 14, 2010
Mozambique: Government Restates Commitment to Eiti
AllAfrica.com, February 12, 2010
Iraq to join EITI
Zawya.com, February 12, 2010
Liberal Party turns on banking secrecy World Radio Switzerland, March 9, 2010...
March 9, 2010
Foreign Aid and Salvadoran Corruption The Wall Street Journal, March 7, 2010...
March 8, 2010
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July 28, 2009 | 25 Comment(s)
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August 28, 2009 | 12 Comment(s)
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September 29, 2009 | 7 Comment(s)
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June 25, 2009 | 5 Comment(s)
A few weeks ago, I wrote a blog recapping some of the ways companies ...
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