Swiss Seek to Return Duvalier Funds to Haiti

The Wall Street Journal
By Deborah Ball
ZURICH—Weeks after the overthrow of Haitian dictator Jean-Claude “Baby Doc” Duvalier in 1986, Haiti asked Switzerland to freeze $5 million it alleged Mr. Duvalier had stolen and stashed in Swiss bank accounts.
Switzerland has been trying to give the money back to Haiti for nearly 24 years. But the simple act [...]

U.S., Afghanistan plan to screen cash at Kabul airport to prevent corruption

The Washington Post–Alarmed by an exodus of money from Afghanistan, U.S. and Afghan authorities are trying to constrict a flow of cash through the country’s main airport, believed to be a major conduit for drug proceeds and diverted foreign aid.

China’s Rich Have $1.1 Trillion in Hidden Income, Study Finds

Bloomberg–China’s households hide as much as 9.3 trillion yuan ($1.4 trillion) of income that is not reported in official figures, with 80 percent accrued by the wealthiest people, a study showed.

Commentary: Overseas tax havens hurt Main Street

McClatchy–These days, the local businesses in your neighborhood probably pay a higher percentage of their income in taxes than U.S. Fortune 500 companies.

Holder announces initiative to battle corruption in foreign states

Washington, DC (The Hill) — The U.S. launched a new initiative on Sunday aimed at battling large-scale public corruption in foreign states.

Tax haven set to close accounts

Financial Times–Thousands of UK taxpayers with accounts in Liechtenstein face having their bank accounts closed, and heavy fines imposed, if they continue to flout UK tax law.

Tax `Shenanigans’ Turn U.S. Sales to Foreign Income With Billions Offshore

Bloomberg–A U.S. tech company identified only by the pseudonym “Delta” generated as much as 55 percent of its revenue domestically while reporting to shareholders that only 10 percent of its pretax income came from U.S. operations, according to a report presented to the House Ways and Means Committee.

German Tax Evasion Resurfaces With Report of Liechtenstein Bank-Disk Offer

Bloomberg–The German government may be about to step up its pursuit of tax evaders amid reports that a new CD containing stolen bank data has been offered for sale to state authorities.

Sen Levin Seeks To Add Anti-Tax Haven Measure To Lending Bill

WASHINGTON -(Dow Jones)- Sen. Carl Levin (D., Mich.) said he will attempt to add sanctions for banks judged to be helping U.S. customers evade taxes to a small business bill now pending in the Senate.

Swiss Court Backs US-Swiss Pact On UBS Data

ZURICH (Dow Jones) — A Swiss court Monday said it backed a U.S.-Swiss deal governing the handover of thousands of pages of confidential data on clients of UBS AG (UBS) to U.S. tax officials as “binding,” rejecting an appeal by a client of the Swiss bank in a test case.

US indicts lawyer they say aided HSBC-linked client

WASHINGTON (Reuters) – A U.S. grand jury indicted on Thursday a Swiss lawyer accused of aiding a man identified as having an account at London-based HSBC Holdings Plc (HSBA.L) evade taxes, the latest in a widening probe into foreign banks that might have helped U.S. clients avoid paying tax.

Letter to the International Accounting Standards Board (IASB)

On July 9, Raymond Baker and Tom Cardamone of Global Financial Integrity, leading coordinator of the Task Force on Financial Integrity and Economic Development sent a letter to the International Accounting Standards Board (IASB) to make comment on the IASB Dicussion Paper’s promotion of country-by-country reporting.

Download the PDF to the left or see the full text below.

Post G20 Toronto Summit Analysis: Official Statement is Heavy on Promises, Short on Action

WASHINGTON, DC — The G20 Summit in Toronto June 27th-28th was heavy on promises and lean on concrete action items, notes the Task Force on Financial Integrity and Economic Development. While the G20 expressed a strong desire to “close the development gap,” increase transparency, and tackle corruption and money laundering, there was a notable lack of language indicating an understanding of the interconnected nature of these different problems.

Letter to Financial Action Task Force (FATF)

On June 11, the Task Force on Financial Integrity and Economic Development Coordinating Committee members and other signatories sent a letter to the Financial Action Task Force (FATF) urging them to consider various points at its upcoming plenary meeting.

Former ABN Amro Bank N.V. Agrees to Forfeit $500 Million in Connection with Conspiracy to Defraud the U.S. & with Violation of Bank Secrecy Act

WASHINGTON – The former ABN AMRO Bank N.V., now named the Royal Bank of Scotland N.V., has agreed to forfeit $500 million to the United States in connection with a conspiracy to defraud the United States, to violate the International Emergency Economic Powers Act (IEEPA) and to violate the Trading with the Enemy Act (TWEA), as well as a violation of the Bank Secrecy Act (BSA), announced Assistant Attorney General Lanny A. Breuer of the Criminal Division and U.S. Attorney Ronald C. Machen Jr., for the District of Columbia.