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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

A former UBS AG banker pleaded guilty on Wednesday to conspiring to defraud the United States by helping wealthy Americans evade taxes. Martin Lack, a 51-year-old Swiss resident, pleaded guilty in federal court in Fort Lauderdale, Florida to a single conspiracy count in a 2011 indictment stemming from a broad U.S. probe of offshore banking activities. The indictment accused Lack of assisting U.S …

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Ex-UBS banker pleads guilty in U.S. offshore tax case

Banco de Oro (BDO), the Philippines largest bank in terms of assets and deposit base, has announced that it is acquiring the local trust business of German financial services company Deutsche Bank.

In a disclosure submitted to the Philippine Stock Exchange, BDO saidthe deal covers the trust, fiduciary and investment management activities of Deustche Bank AG Manila branch.

The total acquisition cost and other details of the deal were not announced.

Deutsche Bank has been operating as a commercial bank in the Philippines since 1995. Prior to acquiring a commercial banking license, it only operated an offshore banking unit (OBU) in Manila since 1977.In 2011, the bank was granted a universal banking license by the Bangko Sentral ng Pilipinas.

In recent years, Deutsche Bank managed the largest US dollar-denominated perpetual bond for Petron Corp. (PCOR) and the issuance of securities by SM Investments Corp. (SMIC), Energy Development Corp. (EDC), Rizal Commercial Banking Corp. (RCBC), Development Bank of the Philippines (DBP) and Landbank.

The Deutsche Bank Group in the country currently employs more than 2,000 staff. It has a joint venture, Deutsche Regis Partners, offering stock brokerage services and a business process outsourcing and shared services subsidiary, Deutsche Knowledge Services (DKS).

As of this writing, it is still unknown if and how many Deutsche Bank employees will be absorbed by BDO.

The transaction is reminiscent of the sale of INGs trust business to the Bank of the Philippine Islands (BPI) in 2010. ING sold its trust and asset management unit to BPI as part of a move to separate its insurance-investment management and banking businesses, as required by the European Commission in 2009.

During the financial crisis in 2008, ING received 10 billion euros from the Dutch government as additional capital. As a condition of the bailout, the European Commission required ING todivest from its insurance and investment management operations.

With the acquisition, BPI absorbed a total of PHP78 billion assets under management (AUM) and 38 employees from ING Manilas trust group.

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Deutsche Bank sells trust unit to Banco de Oro (BDO)

Citibank is now aggressively developing the offshore banking unit (OBU) wealth management market and planning to debut the first RQFII fund in Taiwan, as the Taiwanese government is opening the OBU business in domestic banking. The first RQFII fund covers 26 quality funds in the world.

Citibank Taiwan chairman Victor Kuan said relaxation of OBU policy will divert capital from Hong Kong and Singapore to Taiwan and attract China liquidity. Kuan is positive on the development of wealth management market over the next five to ten years.

News Provided by AASTOCKS.com

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Citibank to launch first RQFII fund in Taiwan



THE MEMBERS – “offshore banking business”, live at the fleece, bristol. 12/2011
The members with Rat Scabies on drums.

By: tafistan

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THE MEMBERS – "offshore banking business", live at the fleece, bristol. 12/2011 – Video



Offshore banking – know more about it.

By: Global Banking Finance Review

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Offshore banking – know more about it. – Video



The Members – Offshore Banking Business – Brudenell SC Leeds – 1/2/2014
related videos can be found on YouTube @ Dave Witt + Turpinz.

By: Dave Witt

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The Members – Offshore Banking Business – Brudenell SC Leeds – 1/2/2014 – Video

03 February 2014

Reforms to Australia’s Offshore Banking Unit (OBU) regime will enter into force from July 1, 2015.

The changes have already been postponed twice. Labor Treasurer Wayne Swan included the plans in his 2013-14 Budget, and earmarked a July 1 start date. This was pushed back to October, after concerns were raised during an initial consultation period.

Shortly after the Coalition’s victory in September’s general election, it announced that it would not proceed with the proposals immediately, and would delay their implementation.

Assistant Treasurer Arthur Sinodinos has now revealed a new, 2015, start date.

He explained: “This step will provide business[es] with certainty by allowing targeted integrity rules, together with Offshore Banking Unit reforms, including recommendations by the Johnson Report, such as reviewing the activities eligible for the OBU concession, to be fully considered and implemented in one complete package.”

The OBU regime provides a concessional 10 percent tax rate, with the aim of encouraging genuine offshore banking activity in Australia. Set up in 1987 and originally applicable to banks and foreign exchange dealers, it has since been expanded to include insurance companies, fund managers, and other companies deemed to be OBUs.

The former Labor Government alleged that the system was being used to transfer domestic banking activities and non-banking profits into OBUs. Its overhaul would have seen dealings with related parties, including the transfer of transactions between the OBU and the domestic bank, declared ineligible for OBU treatment. Transactions between OBUs, including those between unrelated OBUs, would have fallen into the same category.

The Coalition will not proceed with the part of this measure that excludes all related party transactions, and will instead pursue a “targeted integrity measure”, to provide certainty for the industry. This will help Australian banks compete on a level playing field overseas, it claims, by providing access to a competitive tax rate.

Sinodinos said that although the Government “is committed to ensuring that the integrity of our business tax system is maintained, reforms that modernize the Offshore Banking Unit regime will contribute to Australia’s development as a financial services center.”

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Australian Govt Announces Start Date For Offshore Banking Reforms



Wolf of Wall Street and Offshore Banking
For a complimentary consultation, complete the contact form on the link below and an offshore expert will be in touch soon. http://www.investoffshore.com/con…

By: Invest Offshore

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Wolf of Wall Street and Offshore Banking – Video

Description

Banco de Occidente, incorporated in 1965, is a Colombia-based financial institution. It offers a range of integrated financial services, including corporate banking, personal banking, investment banking, leasing, factoring, stock brokerage, insurance, and consulting services. The bank offers retail customers an array of deposit and investment products, as well as a range of services and products, including checking and savings accounts, debit and credit cards, and credit lines such as personal loan and revolving credit. The company also offers corporate clients a comprehensive line of business banking products and services, including collections and payment services, treasury and investment services, vehicle financing products, insurance coverage for cars and machinery, export and import products, factoring, foreign trade, correspondent banking, offshore banking, as well as engages in buying and selling foreign exchange. Its investment banking services include capital market, corporate finance, structuring projects, money desk, and buying and selling securities. It also provides money market services, time deposits, warranties or guarantees, export letters of credit, and loans. Banco de Occidente owns a number of subsidiaries, including trust fund unit Fiduciaria de Occidente, Banco de Occidente (Panam), and Occidental Bank Barbados. It is based in Santiago de Cali, Colombia and is owned by the country’s biggest banking holding Grupo Aval.

Award-winning and trusted the world over, Business News Americas is the only English and Spanish business intelligence resource for project, news, analysis and business contacts focused on and produced in Latin America. This company profile is one of thousands of companies included in the BNamericas directory of active and up-and-coming companies, including World Bank , Bicbanco and Banco Colpatria Contact us today! Phone:+56 (2) 2941-0300

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Banco de Occidente – Credencial (Banco de Occidente S.A.)



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