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,offshore banking,second passports,banking passports,banking passport,anonymity
second passports,2nd passports,dual nationality,citizenship,new citizenship,immigration,dual citizenship,anonymous banking,passports,eu passport,european pas…

By: George Soros

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,offshore banking,second passports,banking passports,banking passport,anonymity – Video



Anonymous banking, offshore banking, anonymous offshore bank accounts
Anonymous No Name No ID Debit Credit Card,Anonymous banking, offshore banking, anonymous offshore bank accounts,

By: George Soros

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Anonymous banking, offshore banking, anonymous offshore bank accounts – Video



CHINA APEs BANK OF COMMUNICATIONS – Shanghai OFFSHORE BANKING UNIT
I am working on a project related to the Great Depression, in which bank failures played an important role. But why were these. Follow me for new Unit Bankin…

By: Debi Ashcraft

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CHINA APEs BANK OF COMMUNICATIONS – Shanghai OFFSHORE BANKING UNIT – Video

The founder of a Swiss trust pleaded guilty to helping Americans evade taxes and said Credit Suisse Group AG (CSGN) was involved in the scheme, adding to pressure on the bank as it tries to resolve a U.S. criminal probe.

Josef Dorig, 72, said in federal court in Alexandria, Virginia, that he helped the banks U.S. clients cheat the Internal Revenue Service by hiding the owners of accounts through phony trusts and foundations. He was indicted in 2011 with seven Credit Suisse bankers on a charge of conspiring to hide $4 billion from the IRS. The U.S. told Credit Suisse then that it was a target of the probe.

Dorig is cooperating with prosecutors probing Zurich-based Credit Suisse, the largest of 14 Swiss banks under U.S. criminal investigation amid a crackdown on offshore tax evasion. The bank has said its trying to negotiate a resolution with the U.S. Former Credit Suisse banker Andreas Bachmann, who pleaded guilty on March 12, also is cooperating in the probe.

Todays plea further pulls back the curtain on efforts by Swiss banks to help U.S. taxpayers evade taxes through the use of sham trusts and foundations, Deputy Attorney General James Cole said in a statement.

Dorig, who worked at Credit Suisse or its units from 1961 to 1997, helped set up structures like foundations, trusts and companies. They supposedly owned accounts which were actually controlled by U.S. clients, he said.

In 1997, the subsidiary where he worked spun off the structures linked to undeclared accounts to a new trust company controlled by Dorig. Credit Suisse bankers then referred U.S. clients seeking to avoid domestic taxes to Dorig Partner AG. Despite the obfuscation, Credit Suisse recorded the real owners of accounts, Dorig said.

It was Dorigs role to create a paper trail that made it appear the structure operated independently and the U.S. person who owned the assets in the undeclared account linked to the structure had no control over the assets, according to a 17-page statement of facts. In truth, Dorig regularly acted at the direction of the U.S. person who owned the assets.

Dorig implicated several bankers under indictment, including Markus Walder, former head of North American offshore banking; Susanne Ruegg-Meier, a former member of senior management in cross-border banking; and Roger Schaerer, who worked in the banks New York office and was a senior manager. They have not responded to the 2011 indictment.

Dorig, a citizen of Switzerland and Italy, said he went to Miami, Beverly Hills, California, and other U.S. cities with Credit Suisse bankers to help U.S. clients set up the structures. After he set up the structures, clients visited Credit Suisse bankers in Zurich for cash. Between 2004 and 2008, one client took out $30,000 in cash on one trip, $11,000 on another, $50,000 on a third, and then $55,000, Dorig said.

Walder and Ruegg-Meier signed a contract in 2005 that required Dorig to pay a referral fee to Credit Suisse for clients. The bank terminated the deal in 2008, when Walder told him the bank would no longer maintain undeclared accounts. At that point, the U.S. was stepping up its offshore crackdown.

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Credit Suisse Pressure Increases With Enablers Plea



Advantages of Offshore Banking in Panama
There are numerous advantages from banking in Panama, including privacy and tax advantages. To read more on how we can help you with this process or any of o…

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Advantages of Offshore Banking in Panama – Video

Andrea Leadsom has held properties in a company rather than in her own name and made use of offshore banking services The new Tory Treasury minister Andrea Leadsom has insisted she received no tax advantages from making use of offshore banking services, holding properties through a company rather than in her name and creating trusts for her children. The moves are legal but Labour has raised …

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New Treasury minister faces questions over tax arrangements

GIVEN her record as an investment banker at Barclays de Zoete Wedd in the 1990s and then as a fund manager at Invesco Perpetual, Britains bankers will have been delighted with the appointment of Andrea Leadsom as City minister. Since becoming an MP in 2010, she has campaigned loudly against bonus caps and a financial transaction tax.

While its obvious where shes coming from on banking, Leadsoms financial interests impinge on another of her new ministerial responsibilities, too. She also assumes the brief for George Osbornes help to buy scheme, currently boosting values of houses across Britain and thus of her own investment portfolio.

In 2003 the high-earning Leadsom and her husband Ben also an ex-Barclays banker now running an algorithm-based trading company set up Bandal Ltd to invest in 1m worth of buy-to-let properties in Oxford. Not long afterwards, in March 2005, the couple transferred 24 percent of their shares in the company to two trusts set up for the benefit of their children (the eldest of whom, having turned 18, replaced Andrea Leadsom as a director of the company just two months ago).

Offshore accounts The purpose of this move is not entirely clear but such a step, taking assets out of the parents estates, was a common inheritance tax avoidance technique until the previous government blocked it a year after the Leadsoms transaction.

Perhaps more embarrassingly given her new bosss avowed distaste for offshore accounts, charges over two of Bandal Ltds properties were created in favour of Kleinwort Benson (Channel Islands) Ltd, the Jersey outpost of the investment bank.

This has long been a private banking and wealth management (ie tax avoidance) operation, not a buy-to-let lender, raising the question of what offshore banking arrangements lie behind the Leadsoms use of it when plenty of mainland banks would have funded the high-flyers investments.

Indeed, large chunks of the debt funding the property investments (and now the bulk of the companys borrowing) have been reported in the companys accounts to be repayable in less than a year, when conventional buy-to-let lending is over a far longer timescale.

Leadsom failed to respond to the Eyes questions on these matters, leaving if nothing else the impression that despite his protestations of clamping down on Britains many financial excesses, Osborne has given the Treasurys City brief to a wealthy ex-banker who uses trusts to reduce her tax bill and offshore accounts to exploit a booming property market.

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From News: The new City minister with an eye offshore

New Yorks top banking regulator sent a subpoena to Credit Suisse Group AG (CSGN) last week as he investigates whether its private bank helped clients evade state taxes, a person with knowledge of the matter said.

Benjamin Lawsky, the superintendent of New Yorks Department of Financial Services, sought records from the firms New York operations, including e-mails, travel records, calendars, payroll information and material on hard drives, according to the person. He also is seeking information on Roger Schaerer, a former top manager at the New York office, and on executives who worked with Schaerer, the person said, asking not to be identified because the probe is confidential.

Lawsky opened the inquiry last month, asking the bank for documents, as well as materials gathered by the U.S. Senates Permanent Subcommittee on Investigations, which also has examined the bank. Credit Suisse has been looking to resolve an earlier federal investigation of its alleged role in helping Americans evade taxes, a probe that already prompted the Zurich-based bank to book more than $1 billion in legal provisions and fines.

Lawsky has the power to revoke Credit Suisses license to operate in New York, a threat he employed two years ago against Standard Chartered Plc as part of his investigation into whether the London-based bank violated U.S. laws regarding money transfers linked to Iran. While he doesnt have the authority to criminally charge the bank, he can refer findings to the states attorney general.

Credit Suisse is cooperating fully with Lawskys office, said Jack Grone, a company spokesman. Jodi Avergun, a lawyer for Schaerer, didnt respond to a message seeking comment. The subpoena was reported earlier today by the Financial Times.

Credit Suisses New York office served as a U.S. channel for efforts to help clients open undisclosed accounts in Switzerland, the Senate subcommittee wrote in a February report.

Schaerer, a dual U.S.-Swiss citizen, supervised the New York representative office from 1999 to 2008, according to a 2011 indictment of him and seven others in federal court in Alexandria, Virginia. In 2004, he was promoted to director at the business, and as the senior representative in the U.S. he serviced undeclared accounts of clients, according to the indictment.

Schaerer and Markus Walder, then the head of North American offshore banking, made false statements to the Federal Reserve Bank of New York about the firms undeclared U.S. cross-border banking business and the representative offices role in it, according to the indictment. Schaerer and Walder havent responded in court to the accusations.

The indictment cited the accounts of 35 customers who relied on Credit Suisse bankers to help them hide funds from the Internal Revenue Service. Schaerer told one customer that account statements were not kept in the United States, but sent via either computer or fax from Switzerland to the representative office before the meeting and shredded at the meetings conclusion, according to the indictment.

To contact the reporters on this story: Greg Farrell in New York at gregfarrell@bloomberg.net; David Voreacos in federal court in Newark, New Jersey, at

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Lawsky Said to Subpoena Credit Suisse in Tax-Evasion Case



Daily English News Investigative journalist discusses offshore banking secrets

By: A Edu

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Daily English News Investigative journalist discusses offshore banking secrets – Video

The uncomfortable truth is that the entire banking system in the developed West is insolvent.This is not some wild, attention seeking headline. Rather, it is a carefully researched assertion based on fact.

Lets briefly examine the evidence in the United States, the worlds largest and most important banking system :

1. Some of the largest banks in the US (such as Citigroup, for example) have just failed their stress tests.

2. The FDICs insurance fund fails to hold anywhere near the amount that they are required by law to maintain in order to insure the US banking system.

3. The Federal Reserve is nearly insolvent. Its capital ratio now stands at just 1.35%. Lehman Brothers was at 3% when they went bankrupt.

4. The US governments net worth, i.e. all of its assets minus all of its liabilities, is NEGATIVE $17 trillion.

So you can see that in the US, you have poorly capitalized banks backed by a poorly capitalized insurance fund backed by a nearly insolvent central bank and an insolvent government. Hardly a beacon of stability.

Again, this is not some wild conjecture. This is all fact, backed by publicly available data. But its an incredibly uncomfortable conclusion for most people to stomach.

Lets face it we all grow up being told that banks are safe. It must be, after all its a bank!

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Offshore Banking: How And Why To Get An Offshore Bank Account



Members: 'Offshore Banking Business', Top of the Pops 1979
Punk band Members on Top of the Pops in 1979 performing 'Offshore Banking Business', their follow-up to 'Sounds of the Suburbs'. Although not as successful t…

By: lee nichols

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Members: ‘Offshore Banking Business’, Top of the Pops 1979 – Video

Macquarie Group successfully lobbied the Abbott government to water down and delay moves to tighten laws over which the bank is fighting a tax battle worth hundreds of millions of dollars.

Fairfax Media has learnt that Macquarie was among industry players who attended a November 6 meeting with then-assistant treasurer Arthur Sinodinos at which the controversial issue of offshore banking units was discussed.

Moves by the previous government to crack down on the use of OBUs, which had already been delayed, were watered down the same day and further delayed in January.

Senator Sinodinos, who formerly worked for NAB, stepped aside as assistant treasurer last month after being called as a witness at the ICAC inquiry into former NSW Labor minister Eddie Obeid.

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The Australian Taxation Office last year hit Macquarie with a very large tax bill, on which the bank has already made a part-payment of up to $295 million, over its use of OBUs in 2006, 2007 and 2008.

Macquarie declined to comment.

Concerns that banks were abusing OBUs, which attract a concessional tax rate of 10 per cent, prompted the former Labor government to announce new rules in May last year.

The changes were due to take effect on October 1 but, after the September election, the Liberal government put off the start date. In a press release issued late on Sunday, September 29, Senator Sinodinos said a delay was ”necessary in order to give business the certainty that it needs to comply with the tax laws”.

On November 6, Senator Sinodinos canned a provision that would have excluded related party transactions from OBUs and said consultation with industry ”will begin soon”.

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Macquarie won concessions ahead of offshore banking tax crackdown

Offshore banking is becoming very common in the financial world and more individuals are starting to seek it out. Offshore banking is offered by companies that are located in foreign countries. This type of banking is loosely regulated, can save individuals money, and is very risky.

Offshore banking is pursued by many investors because it is loosely regulated. Banks that are operated in different countries do not have to abide by the same rules as domestic banks do. They can operate with different accounting standards and utilize different methods. Many investors prefer the services that can be offered by an offshore bank. It is this flexibility that attracts many customers to an offshore bank.

One of the primary reasons many individuals prefer offshore banking is because it can save them money. Many offshore banks will locate themselves in countries that have favorable tax situations. In many cases, these banks will not have to pay any taxes to the country in which they are located. This significantly cuts down on the amount of operating expenses for the bank. In return, the banks can pass these savings on to their customers.

As a customer of an offshore bank, individuals can potentially expect to receive higher interest rates. Offshore banks might also charge less money in traditional bank fees. Regardless of how the savings is passed along, it is usually advantageous for the customer.

Even though opening an offshore bank account can be very attractive, there are some potential disadvantages as well. One of the biggest disadvantages is that customers have to take on a large amount of risk to pursue this opportunity. Even though there is less regulation for the bank to have to worry about, this also adds risk for the investors. In order to open an offshore bank account, individuals have to be fine with the idea of putting their money into a foreign country.

Over the years, there have been many different offshore banking scams. Individuals have deposited large amounts of money into these offshore banks and then have been unable to retrieve the money. The lack of regulation played against the individuals in this case. When investing in this type of bank, an investor has to be very cautious and do a large amount of research about the company. In many cases, individuals should only consider doing business with banks that have branches within their native country as well.

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wiseGEEK – What Is Offshore Banking ?



The Members 'Offshore Banking Business' 20.3.14
Filmed At The Horns, Watford, Hertfordshire. Thursday 20th March 2014 JC Carroll – Guitar/vocals Chris Payne – Bass/vocals Nick Cash – Drums Nigel Bennett – …

By: punkrocksal

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The Members ‘Offshore Banking Business’ 20.3.14 – Video



The $21 Trillion Hole in the Global Economy a.k.a. Offshore Banking

By: Kai Friedrichs

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The $21 Trillion Hole in the Global Economy a.k.a. Offshore Banking – Video

WASHINGTON: The U.S. has expanded its action against tax cheaters to countries such as India, Israel and Liechtenstein, a top U.S. official told lawmakers. So far, the U.S. action was primarily focused against tax cheaters on Switzerland. “While the (Justice) Department’s initial efforts and this hearing have focused on Switzerland, we have expanded our investigations to go after tax cheats and the banks assisting them in India, Israel, Liechtenstein, Luxembourg, and several Caribbean countries,” the Deputy Attorney General, James M Cole, told a Congressional committee.

Since 2009, the Department has publicly charged 73 account holders and 35 professionals with violations arising from their offshore banking activities, and 72 individuals have pleaded guilty or were convicted at trial, he said. “Just as importantly our enforcement efforts have driven over 43,000 taxpayers with secret offshore accounts to identify themselves to the IRS, disclose their offshore accounts, and to pay a total of over $6 billion in back taxes, penalties and interest. And that number is growing,” he said.

Cole said in 2013, the Department obtained four separate orders authorizing the Internal Revenue Service (IRS) to issue John Doe summonses seeking records from banks in the U.S. for the U.S. correspondent accounts of banks located in the Caribbean, Switzerland, and other European countries and America has successfully compelled account holders to provide the U.S. with personal records of their foreign banking activities.

Since the UBS deferred prosecution agreement in February 2009, the Department has taken public action against two other banks, he said, adding that in January 2013, Wegelin Bank, one of the oldest financial institutions in Switzerland, pleaded guilty to conspiracy to defraud the U.S. and was ordered to pay substantial fines and to forfeit funds.

“As a result of its criminal conviction, Wegelin was forced to close its doors, which sent a shockwave through the community of banks and bankers in Switzerland that had been engaged in facilitating U.S. tax evasion. In July 2013, Liechtensteinische Landesbank AG entered into a non-prosecution agreement, and paid substantial fines,” he said. What is particularly notable about this case is that we were able to have Liechtenstein actually change its bank secrecy laws retroactively. This enabled the department to obtain files relating to non-compliant U.S. account holders,” he said. “In August 2013, the department publicly stated that 14 banks have been authorized for investigation concerning the use of Swiss bank accounts. This is in addition to on-going investigations concerning cross-border activities by banks in India, Israel, Liechtenstein, Luxembourg, and several Caribbean countries,” Cole added.

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U.S. Expands Investigations Against Offshore Tax Evasion To India, Israel

The United States has expanded its action against tax cheaters to countries like India, Israel and Liechtenstein, a top US official told lawmakers on Wednesday.

So far, the US action had been primarily focused against tax cheaters on Switzerland.

“While the (Justice) Department’s initial efforts and this hearing have focused on Switzerland, we have expanded our investigations to go after tax cheats and the banks assisting them in India, Israel, Liechtenstein, Luxembourg, and several Caribbean countries,” the Deputy Attorney General, James M Cole, told a Congressional committee on Wednesday.

Since 2009, the Department has publicly charged 73 account holders and 35 professionals with violations arising from their offshore banking activities, and 72 individuals have plead guilty or were convicted at trial, he said.

“Just as importantly our enforcement efforts have driven over 43,000 taxpayers with secret offshore accounts to identify themselves to the IRS disclose their offshore accounts, and to pay a total of over $6 billion in back taxes, penalties and interest.

And that number is growing,” he said.

Cole said in 2013, the Department obtained four separate orders authorising the Internal Revenue Service to issue John Doe summonses seeking records from banks in the United States for the US correspondent accounts of banks located in the Caribbean, Switzerland, and other European countries and America has successfully compelled account holders to provide the US with their personal records of their foreign banking activities.

Since the UBS deferred prosecution agreement in February 2009, the Department has taken public action against two other banks, he said, adding that in January 2013, Wegelin Bank, one of the oldest financial institutions in Switzerland, pled guilty to conspiracy to defraud the United States and was ordered to pay substantial fines and to forfeit funds.

“As a result of its criminal conviction, Wegelin was forced to close its doors, which sent a shockwave through the community of banks and bankers in Switzerland that had been engaged in facilitating US tax evasion.

In July 2013, Liechtensteinische Landesbank AG entered into a non-prosecution agreement, and paid substantial fines,” he said.

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US expands investigations against offshore tax evasion



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