June 23, 2016 - IRS Reminds US Taxpayers To Report Foreign Accounts
"Robust growth in FBAR filings in recent years shows we are getting the word out regarding the importance of offshore tax compliance," said IRS Commissioner John Koskinen. "Taxpayers here and abroad should take their foreign account reporting obligations very seriously."
June 23, 2016 - UBS Group Ends Legal Fight with IRS over Client Details
Company spokeswoman Marsha Askins told Bloomberg: “UBS confirms that it complied with the summons based on client consent in accordance with Singapore law.”
June 22, 2016 - Swiss private banks sharpen Southeast Asia focus
Bordier & Cie is the latest wealth manager seeking partnerships with regional banks in markets including Vietnam, on the heels of a similar tie-up in Thailand between Lombard Odier and a local bank. Credit Suisse, too, is targeting rich Thais, setting up a team of relationship managers in Bangkok.
June 1, 2016 - Asian regulators ask banks to reveal Panama Papers' links - sources
Regulators in Hong Kong and Singapore have asked banks doing business there to disclose if they have dealings with entities and individuals named in the leaked 'Panama Papers', which contained details on thousands of shell firms, people familiar with the requests said.
May 25, 2016 - BSI closure shines spotlight on due diligence
Private banks, already on high alert following the Panama Paper leaks, are tipped to review their client bases even more closely on news Tuesday that BSI Bank will close in Singapore.
May 25, 2016 - World Swiss regulator may penalise six banks
“You have transactions that have run chiefly over Singapore, partly over Switzerland and also other financial centres,” he said. “You have multiple continents, you have banks based in multiple jurisdictions, so this is an issue for the financial industry worldwide.”
May 18, 2016 - Billionaire George Soros Linked to Offshore Arms Trade
The so-called Panama Papers contain links to US billionaire George Soros, who established a number of offshore investment partnerships, including a private equity partnership with US Carlyle Group engaged in investment in arms manufacturers using offshore business, US media reported, citing leaked documents
May 18, 2016 - Panama Papers: Panama signs pact to comply with OECD standards on tax information exchange
OECD officials say they have long tried to get Panama to agree to their common reporting standards on exchanging tax information, to no avail. However Panama's Foreign Ministry announced on Tuesday that the country had inked its adhesion to the Organisation for Economic Cooperation and Development's reporting standards.
May 18, 2016 - Tax havens and where Singapore stands
Tough anti-money laundering rules mean that banks and businesses here face high compliance costs, raising the risk that Singapore's competitive advantage could be eroded and jobs lost. Yet the country cannot afford to give in to such pressure to go easy on rules, as this would put Singapore's priceless reputation as a clean and trusted established financial centre in jeopardy.
April 28, 2016 - London overtakes Singapore as second biggest offshore yuan clearing centre
Hong Kong still processes 72.5 per cent of all yuan payments, and the market shares of London and Singapore are 6.3 per cent and 4.6 per cent, respectively.
April 25, 2016 - Singapore: FATCA guidance for financial institutions
The Inland Revenue Authority of Singapore (IRAS) on 11 February 2016, announced that reporting Singapore financial institutions need not provide their contact information to the IRAS, as this information can be obtained from the FATCA report.
April 13, 2016 - Will CRS really be son of FATCA?
When looking at the direction that some Asian jurisdictions might move in, Venardos considers Hong Kong and Singapore.
March 9, 2016 - US requests UBS disclose records on Singapore account
The IRS's latest attempt goes one step further. It has petitioned a Miami federal court to enforce the so-called 'third party recordkeeper' summons against UBS, arguing that 'international comity' requires that the records be disclosed.
March 7, 2016 - US asks UBS to reveal details of S’pore account
A country may seek from Singapore mutual legal assistance, including access to bank account information, in investigation and prosecution into tax crimes and other serious offences. Banking confidentiality cannot be used to shield criminal activities as it will be lifted for requests relating to such activities.
March 7, 2016 - US taxman going after UBS account in Singapore
Court documents obtained by The Straits Times reveal that Mr Hsiaw had met Mr Christos Bagios, a former banker at UBS and Credit Suisse Group who was arrested in 2012 and subsequently pleaded guilty to helping Americans cheat on taxes from 1993 to 2009. Mr Hsiaw had met Mr Bagios in Palo Alto, California, on Feb 20, 2001 to discuss his Swiss account which was opened in 1994, court papers say.