`Overseas Accounts to Hide Income Will Have to Share Information Under New US Plan’

#AceFinanceNewsUNITED STATES – June 03  – It will soon get a lot harder to use overseas accounts to hide income and assets from the Internal Revenue Service.

More than 77,000 foreign banks, investment funds and other financial institutions have agreed to share information about U.S. account holders with the IRS as part of a crackdown on offshore tax evasion, the Treasury Department announced Monday.

The list includes 515 Russian financial institutions. Russian banks had to apply directly to the IRS because the U.S. broke off negotiations with the Russian government over an information-sharing agreement because of Russia’s actions in Ukraine.
Nearly 70 countries have agreed to share information from their banks as part of a U.S. law that targets Americans hiding assets overseas. Participating countries include the world’s financial giants, as well as many places where Americans have traditionally hid assets, including Switzerland, the Cayman Islands and the Bahamas.

Starting in March 2015, these financial institutions have agreed to supply the IRS with names, account numbers and balances for accounts controlled by U.S. taxpayers. 


Enhanced by Zemanta

#afn2014, #bahamas, #cayman-islands, #internal-revenue-service, #russia, #switzerland, #ukraine, #united-states, #united-states-department-of-the-treasury

` Oil Tycoon ` Mikhail Khodorkovsky ‘ has been `Granted ‘ a `One-Year Permit ‘ in Canton St Gallen Switzerland ‘

#AceFinanceNews – GENEVA – March 30 – Former Russian oil tycoon Mikhail Khodorkovsky has been granted a one-year resident permit in Switzerland and plans to settle in Canton St. Gallen, Switzerland’s migration authorities said on Sunday.

“His application was approved,” Martin Reichlin, a spokesman for the Federal Migration Office, told Itar-Tass over the phone, adding that Khodorkovsky’s one-year resident permit could be prolonged.

The permit was granted to Khodorkovsky on March 27. According to Reichlin, the 50-year-old former Russian oligarch has opted to settle in St. Gallen, since his family is living in this canton.

At the same time, Reichlin did not rule out that Khodorkovsky had been guided by considerations of favourable taxation environment.


#geneva, #mikhail-khodorkovsky, #russian, #switzerland

` Swiss SDP Christian Levrat is confident `Bern ‘ will refrain from any form of ` Sanctions ‘ against Russia ‘

#AceFinanceNews – GENEVA – March 23 – President of the Swish Social Democratic Party Christian Levrat is confident Bern should refrain from imposing sanctions against Russia as a response to its re-unification with Crimea.

This step would sharply narrow mediation opportunities of the Swiss Confederation, Levrat said in an interview with the Swish German-language daily Neue Z·rcher Zeitung that was published on Sunday.

“Switzerland’s role differs from the roles of the European Union and the Unites States,” he said. “Switzerland comes forward as a mediator which implies that it should refrain from joining the sanctions of other countries though their reaction is quite understandable.”

Switzerland chairs the Organisation for Security and Co-operation in Europe /OSCE/ this year, the politician said dubbing it the world’s most neutral organisation and an ideal platform for settling disputes between the East and the West.

Russian, Swiss and European News


#bern, #crimea, #european-union, #geneva, #german, #organisation-for-security-and-co-operation-in-europe-osce, #russia, #switzerland, #united-states

` Khodorkovsky submits request for permanent residency in Switzerland ‘

#AceFinanceNews Mikhail Khodorkovsky has submitted a request for permanent residency in Switzerland, the spokesman for the ex-oil tycoon told Reuters.

The 50-year-old has been living in Switzerland since January, with the country granting him a three-month Schengen visa. Khodorkovsky, who used to be Russia’s richest man and owner of the Yukos oil company, was freed from prison in December after serving over a decade on fraud and embezzlement charges.


#mikhail-khodorkovsky, #reuters, #russias, #switzerland, #yukos-oil-company

` Standard Chartered Exiting `Certain Countries Banking and Investment Areas`due to slowdown of Emerging Markets’

#AceFinanceNews says that `Standard Chartered Bank ‘is seeking to sell about six units in Asia, Europe and the Middle East, the Wall Street Journal reported Tuesday citing people familiar with the matter.

Standard Chartered global presence 2007

Standard Chartered global presence 2007 (Photo credit: Wikipedia)

The Asia-focused bank is in “advanced talks” to offload Standard Chartered Savings Bank and Standard Chartered Capital in South Korea, the WSJ said, but gave no details of any potential buyer.

A company spokeswoman declined to comment on the report.

The newspaper added that the divestment’s were “mostly small” and would also comprise Standard Chartered’s Lebanese retail bank, its Hong Kong consumer-finance business PrimeCredit, its German consumer bank and its Swiss private bank.

According to the WSJ, the deals are part of the bank’s efforts to combat an emerging markets slowdown and worries about its financial health.

Standard Chartered will publish its annual results on Wednesday.

The London-based bank generates 90 percent of its profit in Asia, the Middle East and Africa.

Enhanced by Zemanta

#acefinancenews, #africa, #asia, #hong-kong, #london, #middle-east, #south-korea, #standard-chartered, #switzerland, #wall-street-journal