UBS Client Pleads Guilty to Tax Fraud
A wealthy client of the Swiss bank UBS pleaded guilty on Monday to tax fraud, the ninth American caught up in an investigation of the bank’s offshore private banking services, The New York Times’s Lynnley Browning reports. The bank client, Harry Abrahamsen, of Oradell, N.J., pleaded guilty in Federal District Court in Newark to one count of failing to file proper disclosures on his UBS offshore accounts with the Internal Revenue Service, according to court papers filed in the case.
According to court papers, Mr. Abrahamsen used a sham offshore corporation in Panama known as Primrose Properties S.A. to help hide his UBS accounts.
http://dealbook.blogs.nytimes.com/
BVI residents defrauded; Anguilla native charged for allegedly operating pyramid scheme
A former BVI resident has been charged in the United States for running fraudulent pyramid schemes which have defrauded several BVI and USVI residents of more than $3 million. Janice Dorette Rey, 48, a native of Anguilla, was arrested by U.S. Marshalls in February 2010, a press release from the Financial Investigation Agency (FIA) has stated. Rey is now in custody in the United States awaiting trial for various offences relating to fraud, in which she is accused of operating a pyramid scheme titled “Global Cohesive Economics (GCE)” which was used to defraud several BVI residents, the FIA states.
Holders Of Swiss Bank Accounts Should Not Be Branded As Criminals
Julius Baer chairman Raymond Baer has hit out at criticism of Swiss private banking, saying clients of the banks in the Alpine state should not be treated as potential criminals, responding to mounting pressure on the country’s bank secrecy laws. “In recent years, virtually no new untaxed European money has flowed into Switzerland,” Baer says in a speech to shareholders, according to Dow Jones, citing the text of prepared remarks.
“Swiss bank-client confidentiality, as we have known it, does not exist any longer,” Baer said. He also urges European Union member states to “not slam doors on those who are seeking a path to full tax compliance”.
Belize to sign Tax Information exchange pacts with more than a dozen countries
Belize has signed a Tax Information Exchange Agreement with the Commonwealth of Australia, which will allow for the sharing of tax-related information between the two countries in accordance with standards established by the Organization for Economic Cooperation and Development (OECD). The High Commissioner commented that Australia is glad that Belize is now a Tax Information Agreement Partner which will assist in the efforts to thwart illegal financial processes. He also committed to furthering bilateral relations with Belize. Mr. Waight thanked the High Commissioner for the speedy process in which the arrangements had been expedited. This makes the fourth Tax Information Exchange Agreement that Belize has signed. The others are with the United Kingdom, Belgium, and the Netherlands. The Tax Information Exchange agreement with the United Kingdom was signed last week in London.
Labuan set to be mature financial centre
Labuan International Business and Financial Centre (Labuan IBFC) is targeting 20% growth in the number of companies incorporated in the jurisdiction this year versus 2009. According to Labuan IBFC Inc Sdn Bhd chief executive officer David Kinloch, the growth will be supported by its new and amended legislation, which took effect Feb 11, as well as aggressive marketing strategies. Labuan IBFC is also upgrading the level of professional services offered by the jurisdiction and widening the range of products offered.
BVI to pass new law on fund registration
The British Virgin Islands’ (BVI) new Securities and Investment Business Act is expected to become law this week, heralding a number of changes for the region’s hedge funds. Although the bulk of the legislation, seeking to license investment advisors, will not impact funds or administrators, which are already registered with the BVI Financial Services Commission (BVIFSC), the Act’s repeal of the Mutual Funds Act 1996 will have some minor effects on the industry, according to local experts. With the new legislation ensuring a minimum board presence of two directors, funds will also have to file offering documents with regulators, as well as informing the BVIFSC of changes in service providers. Most crucially, funds will also have to file results of an annual audit.
Labour to crack down on offshore bookmakers
Labour is poised to announce a crackdown on offshore bookmakers.
The party aims to close the loophole allowing companies registered overseas to avoid contributing 10% of their gross profits to the horseracing Levy. The new measures would force offshore bookies to provide millions of pounds to help shore up the racing industry and tackle corruption in the sport. At the moment, only British-registered betting companies – both on and off-course, and including the Tote – have to pay the 10% tax.
BlueCrest Moves Headquarters Offshore
BlueCrest Capital Management, the London-based hedge fund, is moving offshore. The hedge fund, which manages around $15.5 billion in assets, told investors in a letter Thursday that it had formally relocated its headquarters to the offshore tax haven of Guernsey in the Channel Islands, The Financial Times reported. In Guernsey, the hedge fund will no longer be subject to regulations imposed by Britain’s Financial Services Authority, the newspaper noted. The move comes as increased taxes and pending European Union regulations take the shine off London.
http://dealbook.blogs.nytimes.com/
Kiwi said to be behind Ponzi scheme
New Zealand businessman David John Hobbs, of Stoke, near Nelson, allegedly masterminded a series of investment schemes which Australian authorities claim netted more than $58 million. Hobbs, his wife Jacqueline Hobbs, and six Australians have been accused of misleading investors. Since 2002 hundreds of Australians have invested more than $58m through funds which have targeted superannuitants, the Australian Securities and Investments Commission (ASIC) says on its website. ASIC has sought court orders to disqualify the people managing the investment funds.
http://tvnz.co.nz/national-news/
UBS shareholders refuse to absolve ex-managers from blame
Shareholders of Swiss banking giant UBS on Wednesday refused to absolve former executives for their role in the bank’s recent difficulties, leaving them open to legal challenges. In a rare move, 52.75 percent of shareholders voted against “discharging” 2007 board members of the bank, defying chairman Kaspar Villiger who had warned that suing former executives might not be in the best interest of the bank. But it was the long queue of angry shareholders, big and small, who stood up to call for a ‘no’ vote that carried the day. These shareholders wanted the ex-managers to be called to account over colossal losses incurred by the bank in the financial crisis as well as for the bank’s role in helping US tax payers evade taxes.
http://www.google.com/hostednews/
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