Swiss prosecutors Thursday said they opened an investigation into the theft of data from Swiss bank Julius Baer that German authorities allegedly bought amid a drive to crack down on suspected tax evaders. The office of Switzerland's attorney general Thursday said a suspect has been arrested in connection with the alleged data theft, but declined…
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Troubled times for Swiss Bankers
The Swiss banking sector is keeping its head above water in increasingly choppy seas, but must pass a series of crucial tests to thrive in future, according to the industry’s lobby group. The Swiss Bankers Association (SBA) identified rampant regulation, the global tax evasion row and barriers to key markets as the main challenges ahead.…
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Unwelcome fallout from HSBC Mexico affair for the CAYMAN ISLANDS
As Cayman faces a visit from the OECD in connection with its international obligations regarding tax transparency and anti-money laundering, Premier McKeeva Bush has raised his concerns about HSBC Mexico, which has a class B banking licence in Cayman, and the recent accusations of poor regulation on thousands of its Cayman Islands accounts found to…
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Florida Banks Explain 2013 IRS Reporting Rule For Foreigners
The new rule, which goes into effect Jan. 1, 2013, requires banks to report information to the Internal Revenue Service on non-taxable interest paid on accounts held by non-resident foreign nationals. It applies to accounts that earn more than $10 in interest in a year. Potentially such information could be shared with the account holders’…
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