18th May 2020
The European Commission launched legal actions on Thursday against Luxembourg over laws to prevent money laundering and tax avoidance, it said in a statement. New EU rules to step up scrutiny of financial assets controlled by politicians and companies’ owners were approved in May 2018 in an effort to clamp… Read More
9th April 2020
Cryptocurrency’s growing value and popularity as a medium of exchange has not gone unnoticed. A Fundstrat Global Advisors study has estimated that approximately 30% of the world’s cryptocurrency is held by U.S. persons and, in 2017, the market value of all cryptocurrencies increased by almost $500 million with Bitcoin (which… Read More
31st March 2020
The Treasury Department doesn’t have any near-term plans to relax foreign banks’ obligation to report information about U.S. account holders, despite European Union leaders’ concern about hardships that result for some Americans. The Foreign Account Tax Compliance Act was enacted to help the U.S. government enforce laws requiring U.S. citizens… Read More
26th March 2020
An accounting firm at the centre of a massive tax avoidance scheme which exploited homeless and drug-addicted people has had its registration cancelled in the wake of an ABC investigation. Last month the ABC revealed a group of Victorian accountants were using people addicted to drugs and alcohol, the… Read More
24th March 2020
Starting today, you can get a taste of the International Consortium of Investigative Journalist’s powerful research platform without having to install any software – and use it to explore a set of leaked documents. Datashare, ICIJ’s open-source document analysis tool, is now available online via a web browser, complete with… Read More
12th March 2020
The two former investment bankers standing trial in Germany over their role in controversial dividend-tax deals have sought to avoid jail time by cooperating with authorities. Now the pair face another threat: a massive, 207 million euros ($233 million) tax bill slapped on them by the Federal Tax Office. Martin… Read More
5th March 2020
A record number of footballers, clubs and agents in England are being investigated over tax payments. HM Revenue & Customs (HMRC) is investigating the tax affairs of 330 footballers, 55 clubs and 80 agents, up from 173 players, 40 clubs and 38 agents in January 2019. HMRC said it had… Read More
4th March 2020
Trade-based money laundering (TBML) and tax evasion contributed to a nearly $9-trillion loss for developing countries between 2008 and 2017, according to a report published on Tuesday. Washington, DC-based Global Financial Integrity (GFI) analysed inconsistencies in import and export values between a developing economy and its developed economic partner. Adding… Read More
3rd March 2020
Thought leaders from across the globe on Monday joined a UN panel tasked with making recommendations to fix the financial system that lacks effective ways to deal with tax evasion, tax avoidance, money laundering and corruption. The High-Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030… Read More
14th February 2020
The European Union will add the Cayman Islands to a blacklist of foreign tax havens after the UK overseas territory failed to pass legislation that adequately addressed concerns about businesses seeking tax advantages in the jurisdiction, the Financial Times reported. EU27 ambassadors voted on Wednesday to include the Cayman… Read More