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With new international data-exchange agreements in place, the United Kingdom will soon have greater access than ever to information on tax dodgers with offshore accounts, according to the nation's Financial Secretary to the Treasury David Gauke.
The global banking sector has yet to adequately make use of the anti-money laundering data it collects from clients and transactions, experts at a summit in the United Kingdom said Thursday.
Foreign banks are delaying overhauls to their IT systems and customer onboarding procedures made necessary by a U.S. tax law until their home governments conclude client data-sharing agreements with the United States, according to U.S. officials.
A plan to require member-states of the European Union to automatically exchange tax-related data in an effort to boost government revenues is likely to face political and logistical challenges.
European Union officials discussed plans Tuesday to cooperate with a U.S. law aimed at tax evaders, and the expected introduction of a new model agreement for related, reciprocal data exchanges.
A "quantum leap" in efforts to improve global financial transparency, including the passage of a U.S. anti-tax evasion law, has mitigated the compliance risks of offshore banking centers in recent years, says Martin Livingston, a partner at the Cayman Islands branch of law firm Maples and Calder.
The U.S. Treasury Department Thursday finalized rules for a controversial law intended to pressure foreign banks to name their American clients, and disclosed a related bilateral agreement with Norway.
The U.S. Treasury Department will publish final rules this week on an anti-tax evasion law intended to compel foreign banks to disclose data on their high-value American clients, say sources.
U.K. financial regulators will likely only get tougher on British banks that violate anti-money laundering laws in the coming year, possibly going so far as to prosecute individuals, according to Jonathan Fisher QC, a London-based barrister.
Set to take effect in a little more than a year, a U.S. plan to shine a light on American tax evaders holding accounts abroad is spurring detractors and imitators alike.
Financial institutions concerned about a looming Foreign Account Tax Compliance Act implementation date can breathe easier, at least for another year, under a new U.S. Treasury Department timetable.
The U.S. Treasury Department disclosed model plans Thursday that will allow five nations to comply with American tax data-sharing requirements set to take effect early next year.
Financial industry groups from several countries called on U.S. officials to extend by one year a deadline to comply with an anti-tax evasion law that takes effect in January.
The U.S. Internal Revenue Service Thursday extended deadlines and introduced a phased-approach for foreign banks to comply with a new law designed to detect and discourage tax evasion.
A U.S. anti-tax haven law that goes into effect in 2013 may serve as a model for European legislators seeking to recoup lost tax revenue, said speakers at an anti-money laundering conference on Monday and Tuesday.
Upcoming U.S. Treasury Department rules on a new law meant to curb tax evasion may mean only modest new compliance duties for American financial institutions, according to consultants.
