Following on from our last article we will show you the effects the UBS (United Bank of Switzerland) case had on the world. As a result of the UBS case, in March of 2010, the US government passed the Foreign Account Tax Compliance Act, (“FATCA”), implementing reporting requirements for certain financial institutions.
Although they differ depending on the type of institution, they all involve...
Read MoreAny bank that assists a US individual or entity evade US tax or hide money, regardless of where that bank is located, is guilty of a felony under US law.
It was not until the USA charged Union Bank of Switzerland, (UBS), with criminal activity that banking secrecy began to change. The USA government alleged that between 2000 and 2007, UBS helped its US clients evade...
Read MoreThis makes for an interesting read about how four American lawyers built their lives and careers in Mexico and how this has gone for them. Check this out!
CancunLaw also got a nice feature here — check out the first article!
Read MoreIn a series of articles we are taking a look at offshore, secret bank accounts and how the US government crippled international banking privacy laws, and in so doing, how it single-handedly transformed world banking. Later we will take a detailed look at how that affects US citizens living and working abroad.
Secret, offshore bank accounts have been estimated to be worth over $8.5 trillion US dollars and to cost the US government between $100 billion and $250 billion every year in lost taxes. The Swiss banking industry managed to amass a financial empire estimated to be over...
Read MoreIn 2007, an employee of a Swiss branch office of HSBC stole computer files containing private banking information of over 100,000 clients from all around the world. That information included not only client names and account numbers, but also confidential correspondence between...
Read MoreMexican banks are now required to file IRS forms reporting bank account information of Mexican corporations owned by US citizens. Although financial information sharing has been on the books for a long time, it has not been routinely collected in Quintana Roo until now.
The recent application of anti-money laundering statutes...
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