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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A $200,000 UBS Account Grew Into A $21 Million IRS Penalty
Another former holder of a secret UBS AG account got off with probation Tuesday, when federal sentencing guidelines suggested a sentence of six months to a year. But it’s hard to argue that 84-year-old Jules Robbins, a World War II vet who settled in Long Island and built a nice business (Webster Watch) importing and…
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