A group of 41 businesses and nonprofits sent a letter to every member of Congress pressing them to pass legislation that would reveal the beneficial owners of shell companies.
NEW DELHI: Global Financial Integrity (GFI) on Friday called on leaders of the G8 bloc of nations to concretely tackle the issue of illicit financial flows and end tax haven secrecy when they meet this weekend at Camp David. Illegal capital flight costs the developing world roughly $1 trillion per year, according to GFI research.
The Dodd-Frank Wall Street Reform and Consumer Protection Act, the most sweeping financial law enacted since the Great Depression, is supposed to protect investors and shield the economy from bubbles and speculation. Its promise is hard to judge; many detailed rules are still being drafted. What can be said with confidence is that Dodd-Frank has been a boon for lobbyists.
Consultants—including some with criminal pasts—are selling the gambling center as a haven from taxes and legal liability.
LONDON – In a sign of growing anxiety about tax competition that costs governments billions of dollars a year, international economic policymakers are exploring the need for a global crackdown on tax loopholes.
LONDON / WASHINGTON – U.S. District Judge Patrick J. Schiltz of Minnesota is an educated man. He earned his law degree from Harvard, won a coveted clerkship for Supreme Court Justice Antonin Scalia and taught the law for more than a decade before joining the bench in 2006.But when Wells Fargo, the retail banking giant, and the U.S. Justice Department squared off in his courtroom last year over the legality of a fiendishly complicated tax scheme known as “STARS,’’ even Schiltz quickly realized he was not equipped to parse the facts.“I fear I may finally have met my match,” the judge told the court. “We may need a translator in this case, someone who can help us to understand these complex transactions and understand the complex tax laws to put this into English for us.”
WASHINGTON (IPS) – Changes to a key anti-bribery law that applies to international commerce, proposed by the U.S. Chamber of Commerce, could have disastrous consequences, hurting multinational firms, human rights, and the U.S.’s place of respect as an early adopter of the legislation, opponents to the changes argued here Friday.
NEW YORK – A spate of spectacular collapses of Chinese stocks listed on American exchanges has cost U.S. investors billions of dollars. The fiasco has sparked multiple investigations. Accusations are swirling in Washington and Beijing.
WASHINGTON – The Internal Revenue Service is giving more time to Toronto-Dominion Bank (TD), Aegon NV (AGN) and other banks based outside of the U.S. to implement a controversial tax reporting rule.
WASHINGTON, DC – Sen. Carl Levin, D-Mich., and several other senators have introduced a bill to close offshore tax loopholes and strengthen offshore tax enforcement.
LONDON – Perhaps the easiest way to get a picture of John Christensen’s daily life is to imagine him in a (very large) boxing ring. In one corner are ranged the UK government, the global financial services industry, a scattering of other governments, and the richest, most powerful people and corporations in the world.
WASHINGTON – A recent spate of legal cases offers a preview of how anticorruption officials could pursue ill-gotten assets of toppled leaders in places like Egypt and Tunisia: Increasingly, prosecutors are going after not only corrupt politicians, but the lawyers and other professionals who may have helped them move cash.