The Financial Stability Forum (FSF) met on 24-25 March in Berlin, focusing on (a) a review of potential vulnerabilities in the international financial system and (b) progress made in addressing … Read More
International Issues
Taxation of Savings Income
**Memorandum of Understanding** OECD Member States that also are EU Member States, together with Switzerland, apparently have agreed a Memorandum of Understanding, exempting Switzerland from cooperation on exchange of information … Read More
IRS Amnesty
The Internal Revenue Service’s “amnesty” programme on so-called abusive tax avoidance schemes will not extend to promoters of such arrangements. The IRS has said that US taxpayers hiding income by … Read More
STEP Appeals to OECD For Level Playing Field
The international professional body representing trust and estate lawyers, accountants and bankers is appealing to the OECD for the promised level playing field on tax information exchange. In a release … Read More
Caribbean FATF: Focused On Social, Economic & Political Stability
CFATF Chairman The Hon. Alfred Sears, Bahamas Attorney General and Minister of Education, serves as the current Chairman of the Caribbean Financial Action Task Force (CFATF). The CFATF is an … Read More
FATF Reports On NCCTs, Money Laundering & Anti-Terrorism Initiatives
The Financial Action Task Force concluded a week-long meeting in Paris today, announcing that Grenada has been removed from its list of Non-Cooperative Countries and Territories, that it is withdrawing … Read More
Countering The Financing of Terrorism
When the Financial Action Task Force (FATF) meets in Paris next week (11-14 February), it will not only discuss new methods of money laundering and review developments in non-cooperative countries … Read More
OECD Commitment Letters No Longer Binding?
The Washington-based Center for Freedom and Prosperity and the Coalition for Tax Competition issued a news release today denouncing developments in the EU’s Savings Tax Directive. According to Andrew F. … Read More
US / Swiss Agree on Information Exchange
Last week, the Treasury Department announced that the “competent authorities” of the United States and Switzerland have entered into a Mutual Agreement under the current U.S.-Swiss Income Tax Convention (1996). … Read More
Compromise on EU Savings Directive
The European Union reportedly has agreed on a tax package allowing Austria, Belgium and Luxembourg to maintain banking secrecy laws for the next eight years. The agreement reportedly also applies … Read More