February 24, 2014 - HSBC’s Private-Banking Profit Slumps 81% Amid Swiss Outflows
HSBC Holdings Plc (HSBA), Europe’s largest lender, said full-year earnings at its private bank dropped 81 percent as customers pulled money from its Swiss cross-border business and the firm made provisions for regulatory probes.
January 27, 2014 - U.S. says has 106 Swiss requests to join anti-tax-dodging deal
The U.S. Justice Department has received 106 requests from Swiss entities to participate in a U.S. settlement program aimed at ending a long-running probe of tax-dodging by Americans using Swiss bank accounts, a senior U.S. government official said on Saturday.
January 27, 2014 - Swiss banks closer to deals in tax-evasion probe
More than 100 Swiss banks and other institutions have signaled they will seek non-prosecution agreements and provide information to U.S. authorities investigating suspected off-shore tax evasion by Americans, a top Department of Justice official said Saturday.
January 23, 2014 - China ‘leading source of new offshore clients’‚ journo investigation reveals
Relatives of China’s top political leaders‚ past and present‚ are among nearly 22‚000 people in China and Hong Kong whose offshore holdings have been revealed in a leaked cache of documents unveiled yesterday.
January 23, 2014 - City may lose out on billions because of offshore companies: experts
The widespread practice of registering companies overseas by Hong Kong's richest, most powerful people raises questions about their corporate governance, transparency and the possibility that the city may be losing out on billions in city tax revenues, according to experts on corporate finance.
January 22, 2014 - China is biggest exporter of illicit capital, says watchdog group
On Wednesday, a group of investigative journalists released the initial results of an investigation into some 20,000 offshore bank accounts by people with addresses in Hong Kong and the mainland.
January 9, 2014 - Swiss Court Blocks Julius Baer Client Data Transfer to U.S.
The Swiss Federal Tax Administration “unlawfully granted the request for administrative assistance” submitted by the IRS on April 17, concerning the disclosure of bank-account data of clients of Julius Baer, the Federal Administrative Court in St. Gallen said today in an e-mailed statement.
December 30, 2013 - Swiss Banks Pressure U.S. Clients
Swiss banks are pressuring current and former U.S. account holders to disclose undeclared assets to the Internal Revenue Service, experts say.
December 24, 2013 - TLPA Consulting On Swiss Bank Disclosure Program
Teig Lawrence is available to consult with Swiss Banks of all sizes with respect to satisfying the compliance requirements of this Swiss Bank Voluntary Disclosure Program.
December 24, 2013 - Swiss Banks Hire Army of Advisers to Weigh US Amnesty P
Switzerland’s 300 banks have enlisted an army of auditors, lawyers and in-house workers as they race to meet a Dec. 31 deadline on whether to seek U.S. amnesty for helping American clients evade taxes.
December 9, 2013 - Switzerland Urges Banks to Meet U.S. Disclosure Deadline
“The government is convinced the U.S. program allows the banks to settle the past,” she said today in Parliament in the Swiss capital Bern.
December 6, 2013 - Swiss banks prepare to bow to U.S. demands, grudgingly A
“It’s really an elaborate game theory going on right now,” said one U.S. lawyer working for Swiss banks.
December 2, 2013 - Swiss Authorize Group of Banks to Cooperate With U.S.
“The Federal Council gave various banks authorization to cooperate,” the government in Bern said in a statement on its website today, without disclosing the number or names of lenders. Banks were “encouraged” to give “serious consideration to their participation in the program and to make their decisions in this regard in a timely manner,” it said.
November 21, 2013 - How Germany's taxman used stolen data to squeeze Switze
German states would go ahead with deals, buying at least five sets of data since 2008 according to media announcements they made; the data was stolen from banks including UBS, Julius Baer and HSBC. The banks declined further comment or said they had resolved the issues.
November 13, 2013 - Court Authorizes IRS to Issue Summonses for Records.
entered an order today authorizing the IRS to issue summonses requiring Mellon, Citibank, JPMorgan Chase Bank NA (JPMorgan), HSBC Bank USA NA (HSBC), and Bank of America NA (Bank of America) to produce similar information in connection with undisclosed accounts at The Bank of N.T. Butterfield & Son Limited and its affiliates (collectively, Butterfield) in the Bahamas, Barbados, Cayman Islands, Guernsey, Hong Kong, Malta, Switzerland, and the United Kingdom.