Friday, November 28, 2008

Links - Nov 28

** Also see TJN's searchable historical news archive; and Offshore Watch for more stories. **

The Return of Larry Summers
Lawrence Summers, the incoming director of the National Economic Council, may push the Obama administration to work with foreign governments to crack down on tax shelters.

Mobuto Sese Seko's funds unfrozen
Nov 23 (news24) – Part of the Swiss fortune of the late African dictator Mobutu Sese Seko will be unfrozen by the middle of December and returned to his family members, and not returned to the country from which they were looted.

UBS poised to name US tax dodgers
Investors heard for the first time that the world's biggest wealth manager looked poised to bow to US pressure and release the names of an unspecified number of US customers who may have committed tax fraud. But in noting the discovery of tax fraud "under both US and Swiss law", Mr Kurer added: "Contrary to the idea conjured up in public discussions, bank secrecy is not absolutely valid. It is not there to protect cases of tax fraud."

Haven on Earth II: Revenge of the Havens
A wealth manager looks at why some of the major tax attract tax dodgers and others: Singapore, Switzerland, Monaco, Luxembourg, France.

Britain's bribery laws to be overhauled
Nov 20 (IHT) - Employers who turn a blind eye to corruption face up to 10 years in jail as part of a radical overhaul of Britain's bribery laws proposed by the British Law Commission on Thursday.

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