OP-ED: Why Europe is Ill-Suited For The Business of Blacklisting So-Called ‘Non-Cooperative’ Jurisdictions.

I AM  NOT  A FAN OF THE  USE  OF UNILATERAL MEASURES IN international  diplomacy;  including the use of tax haven or other types of blacklists related  to  compliance  with global  norms   on   transparency  and information   exchange.  Although   we often think of this kind of state action in the context of armed conflict where there are … More OP-ED: Why Europe is Ill-Suited For The Business of Blacklisting So-Called ‘Non-Cooperative’ Jurisdictions.

FATCA Registration Begins in 6 Days…

(Image courtesy the Guardian) …and confusion reigns! The on-line portal for foreign financial institutions (FFI) to register for FATCA set up by the U.S Internal Revenue Service goes ‘live’ on July 15 but the sign-in instructions have still not been finalised. Thousands of banks, insurance companies, investment funds and other FFIs with U.S. customers are required … More FATCA Registration Begins in 6 Days…

Is Your Client a FEP?

Don’t you just love acronyms like TSS – “tax related stress syndrome”; PEP – “politically exposed person”; ATM; PIN;RSS; FAQ and in the world of international business and financial services the rather under appreciated OFC. Seizing on the opportunity to spawn a new cipher, IRS Special Service Agent Michael McDonald has been credited with the … More Is Your Client a FEP?

FATCA-Style Trust Reporting: Could it go Viral?

Widespread objection in Europe to new US extra-territorial reporting obligations on financial institutions with US account holders under the FATCA has not prevented its application by the French to trusts. Here’s the Evidence: The Loi de Finances Rectificative pour 2011 now obliges trustees to report on trusts with French assets, beneficiaries or settlors; just as … More FATCA-Style Trust Reporting: Could it go Viral?

‘L-Boogie’ Lucky to be Charged with Tax Evasion.

Perhaps former Fugees lead singer Lauryn Hill should count herself lucky to have been ‘found’ and charged by US Federal prosecutors with three counts of “knowingly and wilfully failing to file a tax return to the IRS.” Had she tarried ‘underground’ a little longer an obscure amendment to the “Moving Ahead for Progress in the … More ‘L-Boogie’ Lucky to be Charged with Tax Evasion.

U.S Banks Upset with IRS over TIEA-Compliance.

(U.S Congressman Charles Boustany) Obliged by new global rules on transparency and tax information exchange, the US government has signed seventy-four tax information exchange agreements (TIEAs) which compels its Internal Revenue Service (IRS) to provide tax-payer information, including information related to bank accounts when requested to do so by its treaty partners. To honour these … More U.S Banks Upset with IRS over TIEA-Compliance.