North America
North America | 11 Mar 16
Cayman firms plead guilty to helping US clients avoid tax
Two Cayman Island investment and trust companies pleaded guilty in a New York federal court to helping American clients evade tax. The first conviction of its kind outside Switzerland.
North America | 8 Mar 16
Scale of US financial adviser misconduct revealed
Around 7% of financial advisers in the US have misconduct records, according to a report by a US-based research group called The National Bureau of Economic Research
North America | 7 Mar 16
US-Swiss FATCA exception clause very narrow
Despite the recent FATCA carve-out agreed between the US and Switzerland, US citizens looking to circumvent their tax reporting obligations will have to look further afield if they want to avoid declaring their offshore assets.
US tax authorities demand Singapore bank records
The US Internal Revenue Service (IRS) wants Singapore to waive its bank secrecy laws and push UBS into releasing financial information of a US citizen.
North America | 3 Mar 16
FATCA exceptions agreed by Swiss and US authorities
Accounts held by the lawyers or notaries of clients in Switzerland are now exempt from the United States’ Foreign Account Tax Compliance Act (FATCA) following the signing of an agreement by the countries’ authorities in February.