Tax Evasion

Britain to make full details of company ownership available to public

British Prime Minister David Cameron is on a mission to improve transparency of corporate ownership worldwide. Photo: EPA

British Prime Minister David Cameron is set to announce on Thursday that he will make public a new database of company ownership details designed to expose international money laundering and tax evasion schemes.

Thursday, 31 October, 2013, 12:08pm

Swiss bankers stay home amid US global tax evasion manhunt

A former head of UBS' global wealth management service was arrested in Italy this month. Photo: Reuters

As a US hunt for tax evaders and their accomplices gains momentum, many Swiss bankers are afraid to go abroad for fear of arrest, one business leader said.

28 Oct 2013 - 11:34am

French HSBC tax case report reveals US$5b in Swiss funds

HSBC says a former employee stole data which revealed the names of people holding money at its Swiss arm. Photo: SCMP

France needs to beef up its methods of fighting tax evasion, according to a parliamentary report on a probe into HSBC that revealed US$5 billion (HK$38.8 billion) of undeclared assets in thousands of Swiss bank accounts.

11 Jul 2013 - 11:16am

Call for global information system to curb tax evasion

Call for global information system to curb tax evasion

The leading developed nations have called for the creation of a global system to automatically funnel financial information about individuals and companies using offshore tax havens, but Switzerland does not want to co-operate.

19 Jun 2013 - 8:43am

Britain clinches deal on tax havens

British PM David Cameron will push for an international agreement on tax havens at the G8 meeting. Photo: Reuters

Britain clinched a deal with its major offshore tax havens yesterday that will see 10 British overseas territories and crown dependencies sign up to international protocols on information sharing.

16 Jun 2013 - 6:51am 2 comments

Switzerland frees banks to settle US tax evasion cases

Switzerland aims to save its banks from heavier punishment in the United States for helping wealthy tax cheats by sidestepping its own famed secrecy laws to let bankers disclose data to US prosecutors.

30 May 2013 - 1:46pm

Swiss to let banks give client info to the US

Swiss Finance Minister Eveline Widmer-Schlumpf. Photo: AP

Switzerland is proposing a change to its banking laws that will let Swiss banks pass on information about US citizens to the United States tax authorities.

30 May 2013 - 4:33am

Bank chief probed over secret deals

Stepic reportedly used a British Virgin Islands firm to conduct deals.

Raiffeisen Bank International chief executive Herbert Stepic owns a Hong Kong firm, Takego, and a BVI firm, Yatsenko International, which he used to buy three flats in Singapore, said a Reuters report that a spokesman for the bank confirmed was accurate.

24 May 2013 - 4:34am

Barry Cheung makes waves in Moscow

Prawn cocktail: cool

We see that Barry Cheung's difficulties with the Hong Kong Mercantile Exchange have made waves in Moscow. This is because he is an independent non-executive director on the board of Rusal, the world's largest aluminium company, which, although Russian, is listed in Hong Kong.

24 May 2013 - 3:47am 1 comment

Apple taxes turn into Cook's latest firefighting job

Tim Cook has had to personally manage a series of crises. Photo: AFP

In almost two years since Tim Cook became chief executive, Apple has lurched from one reputation-threatening public-relations predicament to the next - from criticism of its labour practices in China, to faulty mapping software that marred the release of the iPhone 5. Most recent case in point: Cook testified yesterday before Congress to defend Apple against allegations that it dodged US$9 billion in taxes in 2012.

24 May 2013 - 3:47am

Rich dodge US$156b tax on hidden assets, says Oxfam

The Caymans and other British crown dependencies have been told to get their houses in order over their tax status. Photo: AP

The international aid agency Oxfam says the unpaid tax is twice the sum required for every person in the world to live above the extreme poverty threshold of US$1.25 a day.

11 Feb 2014 - 7:32am

Hong Kong in line for surge in illicit fund inflows

At a meeting in Brussels yesterday, the European Commission agreed to start negotiations with Switzerland, Liechtenstein, Monaco, Andorra and San Marino to share more tax information with the EU. Photo: Bloomberg

Hong Kong may see a surge in illicit money inflows in the wake of twin moves by the European Union and Singapore to crack down on tax evasion. The EU's initiative to capture taxes on an estimated €1 trillion (HK$10 trillion) avoided each year and Singapore's separate move to avoid being caught like Switzerland in a row over international tax disclosure are likely to push money towards more opaque locations.

15 May 2013 - 5:45am

Singapore boosts measures against global tax cheats

Singapore plans to implement new information sharing measures to tackle cross-border tax evaders. Photo: AFP

Singapore said on Tuesday it will implement new measures that will make it easier to share information with other countries on cross-border tax evaders trying to hide assets in the city-state.

14 May 2013 - 9:40pm

Global-scale tax probe has local reach

Data sharing with China can aid Xi Jinping's fight against graft.

In possibly the biggest tax investigation in history, Britain, US and Australia have launched a joint global investigation into tax evasion through offshore havens, the governments of the three nations announced.

11 May 2013 - 4:25am

Reforms in tax havens aid sleuths

William McGovern: good signs

As opaque networks of secretive companies linking offshore havens with Hong Kong are forced to become more transparent, it will be easier to track down assets hidden in jurisdictions such as the British Virgin Islands (BVI), says William McGovern, a former official with US regulator, the Securities and Exchange Commission.

3 May 2013 - 4:22am