Featured Tax Evasion

Bringing banks and regulators closer in the fight against financial crime

Despite the best efforts of law enforcement agencies, regulators, international government organisations, diplomats and a complex framework of multilateral legislative and cooperative arrangements, the cost of financial crime and money laundering globally and regionally remains unacceptably high. The UN Office on Drugs and Crime estimates the amount of money… Read More

Jailed tycoon and professor in Tunisia’s presidential runoff

AP — Jailed media magnate Nabil Karoui and independent law professor Kais Saied will advance to Tunisia’s presidential runoff, sending the North African nation’s young democracy into an unprecedented electoral battle. Tunisia’s electoral commission said Tuesday the two candidates came out on top of the 26 running in… Read More

Italy Considers Penalty on Cash Withdrawals to Fight Tax Evasion

A radical plan to discourage cash payments and reduce runaway tax evasion has some Italians up in arms. With one of the highest tax rates in Europe, Italy lost 107.5 billion euros ($118.5 billion) to tax dodging and under-reporting in 2016. The country has an evasion rate of about… Read More
17th September 2019
A national bank regulator is trumpeting his agency’s oversight as a good business proposition. Banks are taking him up on it. Fifth Third Bancorp is the latest company to seek supervision from Trump-appointed regulators who have struck a friendlier tone with the industry. The Office of the Comptroller of… Read More
13th September 2019
HMRC is facing a legal battle to block it from handing personal details about British citizens to US tax authorities. The case could have wide-ranging implications for tens of thousands of so-called accidental Americans who left the US when they were months or years old but risk having… Read More
12th September 2019
The anti-money laundering body of the Council of Europe, Moneyval, said on Wednesday that Moldovan authorities need to fully and consistently use the legislative framework in order to combat money laundering. Moldova should also increase the effectiveness of confiscation of proceeds, in particular regarding extended confiscation, the Council of Europe said… Read More
12th September 2019
Media magnate Nabil Karoui’s run for president was testing the rules of Tunisia’s young democracy even before he was put in custody last month charged with tax fraud and money laundering. As his unlicensed news channel broadcasts footage of him doling out aid to the poor, Karoui, 56, is campaigning… Read More
10th September 2019
Britain’s new system of banker accountability has led to a “tangible” improvement in culture but modest changes are still needed, UK Finance said on Tuesday. The trade body for banks in Britain published the sector’s first major appraisal of the senior managers and certification regime (SMCR) introduced in 2016 as… Read More
6th September 2019
Brazil’s biggest-ever corruption investigation, which jailed dozens including a former president, has been threatened over the past week by a Supreme Court ruling and push back from politicians seeking to curb investigative powers. For the first time, justices of the top court have annulled a corruption conviction by the judge… Read More
5th September 2019
People using names in their Irish version instead of English, maiden instead of married names, and shortened versions of first names are just a few of the reasons why the Companies Registration Office says it has rejected submissions to the new Register of Beneficial Ownership (RBO). The register, which gives… Read More
4th September 2019
In the late summer of 2016 allegations that employees of Wells Fargo’s retail banking unit had opened more than a million unauthorized accounts and sold customers thousands of unneeded products hit the national news. The scandal cost Wells Fargo dearly. On September 8 the Consumer Financial Protection Bureau (along with… Read More
29th August 2019
Tens of thousands of British citizens born in the US but who left when only a few months or years old risk having their bank accounts in Britain frozen because of intense pressure by US tax authorities on UK banks. In one case, a 74-year-old living in Cambridge has been… Read More
29th August 2019
A former executive at HSBC Holdings Plc’s Swiss private bank was cleared in a probe where his boss pleaded guilty to helping wealthy clients hide assets worth at least 1.6 billion euros ($1.8… Read More