Search Results for: US authorities
IRS Sets Up FATCA Data Exchange Service
January 14th, 2015
FATCA Data Exchange Service The Internal Revenue Service (IRS) has begun International Data Exchange Service (IDES) enrollment. The platform will enable the secure transmission of client data under the Foreign Account Tax Compliance Act (FATCA). Foreign financial institutions (FFIs) ...
Stages of money laundering
January 12th, 2015
Each day the methods used by money launderers become more sophisticated and the financial transactions more complex. With increased use of electronic communications, the speed with which money and assets can be converted and transferred has increased exponentially. There ...
Money transfer firm Xoom suffers $30.8m fraud
January 8th, 2015
Online money transfer provider Xoom says it has been hit by fraudsters who sent $30.8 million in corporate cash to overseas accounts. The company, which lets America-based customers send remittances overseas, revealed the fraud in an SEC filing, confirming ...
Introduction to Money Laundering
January 7th, 2015
Definition of money laundering Money Laundering is the process by which criminals attempt to conceal the true origin and ownership of the proceeds of their criminal activities. If undertaken successfully, it allows them to maintain control over those proceeds ...
Execs of Credit Suisse’s China partner summoned
January 7th, 2015
The parent of Founder Securities, Credit Suisse AG‘s brokerage venture partner in China, said four of its executives were ordered to cooperate with an official investigation, stirring concerns as a dispute heats up with a major shareholder. Neither Founder ...
FINMA: Switzerland Completes Financial Services Regulator Review
January 5th, 2015
The Swiss Federal Council has concluded that there is no fundamental need for comprehensive reform of the Financial Market Supervisory Authority (FINAMA), but has identified what it says are isolated areas where there is room for improvement. FINMA is ...
Decline and Fall of the Demagogues
December 19th, 2014
This article could have been entitled ‘The Bonfire of the Vanities’ (with apologies to the book’s author Tom Wolfe) as it too is all about ruthless ambition, political sleaze and rampant greed. However, as vanity in others is regarded ...
All EU member states told to release tax ruling information
December 18th, 2014
All EU member states have now been drawn into the European Commission’s investigation into the use of tax rulings to offer preferential tax treatment to multinationals The Commission has extended the scope of its enquiry into tax rulings practice ...
Ultimate owners of companies would have to be listed in central registers in EU countries
December 18th, 2014
The ultimate owners of companies would have to be listed in central registers in EU countries, accessible to people with a “legitimate interest”, such as investigative journalists and other concerned citizens, under a deal struck by Parliament and Council ...
Chinese Official: Bitcoin Can ‘Co-exist’ with Fiat Currencies
December 16th, 2014
A former vice-governor of China’s central bank, Wu Xiaoling, has said that digital currencies like bitcoin “could co-exist with fiat currencies”. Wu, who is currently a member of National People’s Congress Standing Committee and a vice-chairperson of the Financial ...
