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Trusts under threat

While the aim of the US Foreign Account Tax Compliance Act (FATCA) and the OECD’s Common Reporting Standard (CRS) to eradicate tax evasion is legitimate, the provision of unlimited information to treaty partners who have decided to disregard t...

Standard for Automatic Exchange of Financial Account Information

Under the standard for automatic exchange of financial account information, jurisdictions obtain financial information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. The...

The New Money-Laundering Sting: Come to the U.S., Get Arrested

Lawyer Patrick Poulin says he helped clients set up offshore corporations in the Caribbean. And that’s what he was working on when he flew to Miami from the Turks and Caicos last year to meet with two Americans who wanted him to invest $2 mill...

How NRIs can claim tax benefits under DTAA

Double Taxation Avoidance Agreement or DTAA is an agreement between two countries which aims to avoid taxation of the same income in both countries. India has signed the DTAA with several countries. During assessment of an assessee to whom DT...

GAAR provision to make way into India-Mauritius treaty

India and Mauritius are set to limit the benefits of their double tax avoidance agreement (DTAA) to only genuine businesses bringing foreign direct investment to India by inserting a new clause in the treaty straight from New Delhi’s yet to be...

European Union: EU Approves 4th Anti-Money Laundering Directive

After almost a year of wrangling, the EU Council and the European Parliament have finally reached an agreement on a new Anti-Money Laundering Directive. The 4th AML Directive expands the scope of its predecessor (which was adopted in 2005, be...

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Citigroup unit probed over money laundering

(Reuters) - Citigroup Inc (C.N) said additional government authorities have started probes of possible breaches of anti-money laundering laws at its Banamex USA unit. The Financial Crimes Enforcement Network, a unit of the U.S. Treasury, and ...

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Obama announces fiduciary rule for financial advisors

Tuesday, 3 March, 2015 President Obama is planning to introduce a fiduciary rule forcing financial advisors to act in their clients' best interests when makingObama recommendations about retirement savings products. The rule originated at th...