5th October 2020
Robert T. Brockman was just putting the finishing touches on a new private equity fund when worrisome news arrived. Law enforcement agents had raided the home of a tax lawyer in Texas who had worked for him. A Houston businessman who had made his fortune selling software to auto dealers,… Read More
2nd October 2020
Prosecutors in Switzerland and abroad are investigating Swiss banking links to a range of alleged money-laundering and tax-evasion offences from Europe to South America, Asia, the Middle East and Africa. Recently uncovered suspicious transaction reports, made to the US Financial Crimes Enforcement Network (FinCEN), show Swiss banks moving billions of… Read More
29th September 2020
Julius Baer Group Ltd. is deciding whether to start a wealth-management business in the U.S. as it seeks partnerships or acquisitions in its core Latin American markets. “I would not be doing my job as somebody that is totally committed to making our Americas’ business a top competitive business… Read More
28th September 2020
Governments and banks around the world are doing little to tackle tax abuses, money laundering and corruption in a global financial system that perpetuates inequality and condemns people to endemic poverty, a high-level United Nations panel concluded on Thursday. The International Financial Accountability, Transparency and Integrity panel, comprised of… Read More
25th September 2020
Securities and tax regulators should have new powers to share information for cracking down on fraudulent tax reclaim schemes, the European Union’s markets watchdog said on Thursday. The European Securities and Markets Authority (ESMA) made the recommendation in its final report to the European Parliament into frauds whereby investors engineer… Read More
15th September 2020
The Philippines is in danger of being included anew in the gray list of Paris-based dirty money watchdog Financial Action Task Force (FATF) if the country fails to pass the necessary amendments to the anti-money laundering law, according to the Anti-Money Laundering Council (AMLC). AMLC Secretariat executive director Mel Georgie… Read More
8th September 2020
Malta’s lucrative financial services industry and its international ranking has suffered another blow as the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes has downgraded the island’s standing to “partially compliant”. This downgrade ranks Malta as one of the countries with the lowest standards in the… Read More
25th August 2020
Officials in the U.S. Virgin Islands want the billionaire investor Leon Black, one of the most powerful men on Wall Street, to hand over information about his decades-long business ties to the convicted sex offender Jeffrey Epstein. The territory’s attorney general, Denise N. George, informed a local court on… Read More
25th August 2020
The federal prosecutor’s office in Brussels has opened a criminal investigation into the Swiss bank Credit Suisse, in particular the dealings of 2,600 Belgian clients suspected of using Swiss bank accounts to evade taxes. “A criminal investigation has been opened against Credit Suisse for money laundering and unlawfully acting as… Read More
24th August 2020
When billionaire Robert Smith ended his 2019 Morehouse College commencement speech by vowing to pay off student debt for the entire graduating class, cheers of “MVP, MVP, MVP!” rose from students and faculty on the Atlanta campus. What the audience didn’t know was that Smith was harboring a financial secret. Read More