Tag: tax evasion

UN expert calls on new boss to abolish tax havens

UN expert calls on new boss to abolish tax havens

| 18/10/2016 | 2 Comments

(CNS Business): The new United Nations Secretary-General, António Guterres, is being asked by one of the body’s human rights experts to call a world conference on tax avoidance and evasion, with the goal of abolishing all tax havens. The UN’s independent expert on the promotion of a democra [...]

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CIG ready to assist Canada’s tax evasion probe

CIG ready to assist Canada’s tax evasion probe

| 05/08/2016 | 8 Comments

(CNS Business): As Cayman National finds itself embroiled in another international tax evasion investigation, this time regarding the actions of clients of two Canadian banks, the Cayman government says it is ready and willing to assist Canada in uncovering where its citizens may have used offsh [...]

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Cayman National ‘regrets’ affiliates’ tax scandal

Cayman National ‘regrets’ affiliates’ tax scandal

| 10/03/2016 | 17 Comments

(CNS Business): Cayman National Corporation (CNC) was quick to pass off revelations that its subsidiaries had, for more than ten years, assisted US account holders in massive tax evasion as an historic issue that impacted lots of other banks around the world. In a statement Thursday the corpora [...]

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Cayman firms fined $6M for helping tax dodgers

Cayman firms fined $6M for helping tax dodgers

| 09/03/2016 | 38 Comments

(CNS Business): Two subsidiaries of the Cayman National Corporation have pleaded guilty to helping clients evade taxes in a US Department of Justice crackdown on tax cheats. Cayman National Securities and Cayman National Trust entered guilty pleas Wednesday in a New York federal court. The two e [...]

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Panton battles latest blacklist

Panton battles latest blacklist

| 24/12/2015 | 5 Comments

(CNS Business): Financial Services Minister Wayne Panton is still battling to get the Cayman Islands taken off the latest blacklist, maintaining that the inclusion of Cayman on the European blacklist of financial centres was completely inappropriate and misinformed. However, he said that stigma [...]

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Cayman National to pay $5M in US tax evasion probe

Cayman National to pay $5M in US tax evasion probe

| 18/12/2015 | 29 Comments

(CNS Business): Cayman National Corporation is expecting to part with some $5 million in fines to the US authorities in relation to what the bank called “past wrongdoing” by two of its companies, Cayman National Securities and Cayman National Trust Company. In a report on the bank’s web [...]

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UK enforcement agencies to visit Cayman

UK enforcement agencies to visit Cayman

| 14/12/2015 | 2 Comments

(CNS): The UK is expected to send law enforcement officials to Cayman in the New Year to enhance the current cooperation regime between this jurisdiction and the authorities in Britain regarding financial crime and money laundering. Financial Services Minister Wayne Panton said that experts are [...]

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Secrecy in BOTs fuelling corruption, says report

Secrecy in BOTs fuelling corruption, says report

| 30/11/2015 | 5 Comments

(CNS Business): A new report released by a coalition of NGOs, including Transparency International UK, has described some of the British overseas territories (BOTs) as “some of the most notorious purveyors of financial secrecy”, despite promises about more transparency. The authors say a [...]

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$51B of US corporate profit held in Cayman, says report

$51B of US corporate profit held in Cayman, says report

| 07/10/2015 | 4 Comments

(CNS Business): The latest report on the use of tax havens making headlines around the world claims that $51 billion of corporate profits for Fortune 500 companies made in 2014 is held in the Cayman Islands. Describing Ugland House in George Town as a symbol of the “excesses of the world of c [...]

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World’s wealth is growing offshore

World’s wealth is growing offshore

| 29/09/2015 | 0 Comments

(CNS Business): A French economist has estimated that the amount of wealth held offshore has increased by 25% in the last five years and currently stands at around US$7.6 trillion, or 8% of the world’s assets. In a new book, The Hidden Wealth of Nations, which is already grabbing headlines, Ga [...]

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Banker walks free from $20bn tax evasion charges

Banker walks free from $20bn tax evasion charges

| 12/11/2014 | 0 Comments

(CNS Business): Former head of UBS Raoul Weil has been acquitted by a US federal jury on all charges of conspiring with as many as 17,000 US taxpayers to abuse Swiss bank secrecy to hide $20 billion in secret offshore accounts. Jurors in a Fort Lauderdale, Florida, federal court reached their ve [...]

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