Wednesday, March 06, 2013

Links Mar 6

US court orders oldest Swiss bank to pay up swissinfo
Wegelin to pay US $74 million for aiding tax evasion. This is the first such US indictment of a foreign bank.

See also:
Wegelin's Fall to Tax-Haven Poster Child The Wall Street Journal

The new tax protocol to the Spain-Switzerland Tax Treaty Lexology
Reportedly this differs to the Rubik agreements, in terms of a substantial erosion of bank secrecy. We have yet to analyse this in detail.

EITI board raises bar on global standards to report natural resource revenues TrustLaw
Although the new EITI rules do not require the disclosure of beneficial ownership information, this is a positive development.

Outrage at vast HSBC profits and bonuses despite role in drug money laundering Global Witness

Ernst & Young Pays $123 Million to Avoid Tax Shelter Prosecution TaxProf

Transfer Pricing: India Promises Safe Harbor Rules Soon Tax-News

India Says Cadbury Used Phantom Factory to Avoid Taxes The Wall Street Journal

Gibralter: why not stop being a tax haven for Spain? nuevatribuna (In Spanish)

Denmark Says Microsoft Owes $1 Billion In Unpaid Taxes Huffington Post

German Finance Minister Schäuble Slams Multinationals' Aggressive Tax Planning Tax-News

News round-up from the TJN Germany Blog

Cyprus agrees to independent audit of money-laundering policies Denver Post

The lies we tell ourselves: ending comfortable myths about poverty
A report from the Baptist Union of Great Britain, the Methodist Church, the Church of Scotland and the United Reformed Church

Prince Alwaleed bin Talal says Forbes rich list underestimates his wealth The Guardian
Saudi investor severs ties with annual billionaires' list, claiming its 'flawed' valuation disadvantages Middle East investors

Liechtenstein Adopts Integrated Financial Center Strategy Tax-News

Quote of the Day – City of London and the police Treasure Islands
From Rowans-blog

UK:Former tax body president jailed for tax fraud Tax Journal

The countries with the most millionaires per capita are all tax havens Slate (In French)

U.S. can pursue China documents from Deloitte: federal judge Reuters
As Nicholas Shaxson notes: US judge/Transparency 1, Deloitte/China 0, though the game is far from over

How tax havens turned into hell Hindustan Times


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