Oct/090
Mexico Asks US for Offshore Bank Account Data
When the US achieved a degree of success in targeting their own tax evaders with accounts at Swiss private banks, Mexico hoped to do something along the same lines. It may come as a shock to many that the vast majority of foreign deposits by wealthy Mexicans are not stored in Switzerland, Panama or the Cayman Islands, but the US.
In a letter to US treasury secretary Timothy Geithner in Febuary, Mexican Finance secretary Agustin Carstens sought help for his fight against tax cheats. Some wealthy Mexicans had deposited in American banks he said, knowing that it would not be reported.
The US does not tax interest paid to non-resident aliens, and Mexico currently has no way of identifying its citizens with US deposits.
More on this story - usa today article.
Aug/090
More than 300 Banks Forced to Disclose Private Offshore Bank Accounts to HMRC
A court ruling has obliged 308 banks with operations in the UK to hand over information on their clients’ private offshore bank accounts.
HMRC Believes British Tax Payers Are Concealing Billions Offshore
In concert with a forthcoming tax amnesty set for this Autumn, the judgement will help HMRC reveal 1000’s of offshore accounts that hold secret wealth not reported to tax authorities.
Although a list of the banks has not been published, is it thought that many are established banks with offshore branches in tax havens and offshore financial centres like Switzerland. Others will be foreign banks that have opened UK branches.
Affluent offshore account holders who choose not to reveal their private accounts will face a penalty of 30% and a greater risk of criminal prosecution if government investigators discover that they evaded tax.
The UK government believes wealthy British citizens are concealing billions offshore, and is determined to recoup unreported wealth.
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