UBS would be forced to break Swiss criminal law if it gave America's tax authorities the names of potential tax evaders, the Swiss bank warned today.
The bank was responding to a lawsuit filed in February by the Internal Revenue Service demanding that UBS hand over the names of 52,000 Americans with offshore accounts at the bank, reports The Times.
UBS said that the lawsuit trampled on Switzerland's sovereignty by trying to force UBS to contravene its home country's strict banking secrecy laws. Full story...
The FSA failed to protect British savers claims Tony Shearer, the former chief executive of Singer & Friedlander, The Daily Telegraph says.
Shearer, who left the 100-year-old British bank Singer & Friedlander three years ago when it was taken over by Kaupthing, the failed Icelandic bank, said he did not consider think it was acceptable for the FSA to argue that it had been powerless to prevent the deal. The FSA has told MPs that it was not its place to interfere given that the takeover was approved by Icelandic regulatory officials.
Shearer and four other members on the board of the then publicly-listed company told the FSA that they did not consider Kaupthing "fit and proper" to take over the bank. Full story...
Illegal transfers of billions of dollars from India to Western tax havens have become a big issue after two weeks of campaigning in the country's general election, The Times reports.
As calls increase worldwide for a crackdown on the illicit movement of capital, L. K. Advani, the leader of the main opposition Bharatiya Janata Party (BJP), has vowed to repatriate as much as $1.5 trillion (£1 trillion), which he claims has been "looted" from India and moved overseas by corrupt officials, tax-shy members of the elite and leading companies over 60 years. Full story...
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