Financial Law Professor Headlines
Posted by William Byrnes on December 2, 2015
| US Will Revoke Passports of Tax Debtors from Jan 1, 2016
The following amendment to the US Tax Code is in the Conference of the House of Representatives and of the Senate and is expected to be signed into law this year. SEC. 32101. REVOCATION OR DENIAL OF PASSPORT IN CASE…
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| Disaster Risk Financing: A global survey of practices and challenges
This book provides an overview of the disaster risk assessment and financing practices of a broad range of economies. It draws on the G20/OECD Framework for Disaster Risk Assessment and Risk Financing and is based on a survey covering 29…
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| Tax Justice Network’s Focus on Whistleblowers – download here
This edition of our newsletter Tax Justice Focus, with a special focus on whistleblowers, is available for download here. William Byrnes was invited by the Tax Justice Network to contribute a feature for its November released Report on Whistleblowing. William…
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| Standard Bank’s Bribery of Tanzanian Officials Leads to UK’s first UK Deferred Prosecution Agreement
The Serious Fraud Office’s first application for a Deferred Prosecution Agreement was today approved by Lord Justice Leveson at Southwark Crown Court, sitting at the Royal Courts of Justice. The counterparty to the DPA, Standard Bank Plc (now known as…
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| No Social Security Cost of Living Adjustment, 3rd Time Since 2009, But Medicare Premiums Surging for Some
James Green, Group Editorial Director, Investment Advisor Group analyzes the 2016 coming tragedy for a large segment of retirees – Medicare premiums will surge but the Social Security payment to pay it will not increase one cent. Read his analysis…
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| New OECD CRS web portal for automatic exchange of information opens
The OECD launched its new portal on Automatic Exchange of Information (AEOI). It provides a comprehensive overview of the work of the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes in the area of…
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| EU Commission Updates Black Listed Countries by Member States
EU Commission Updates Black Listed Countries by Member States
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| China Construction Bank Ordered to Beef Up its AML Program
China Construction Bank entered into an agreement with the Federal Reserve and New York State Department of Financial Services to self audit and enhance its anti money laundering program, including CDD and risk weighting of customers and their respective activities,…
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| OECD’s Exchange of Information Statement of Outcomes of October 29-30 Annual Meeting
Major implementation milestones are being met by members of the world’s leading forum on tax transparency as the international community continues to move ahead towards greater tax transparency. The imminent shift to the automatic exchange of information will send a…
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| Do Today’s Accreditation Executive Orders Spell End for High Risk Law Schools?
Require robust teach-out plans and reserve funds for high-risk institutions As illustrated by the closure of Corinthian Colleges, sudden closures of institutions that leave students with limited or no options to continue their studies present a major challenge. While institutions…
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| Is FinCEN Becoming a Star Chamber? The Curious FBME case
Several of my blog readers have been following FinCEN’s first use (and abuse alleges the FBME bank, defendant of this contentious matter) of the PATRIOT Act’s power allowing FinCEN to block a foreign financial institution from the US financial market….
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| $95.5 Million Settlement for Deceptive Enrollment Practices, Violation of False Claims Act, with Owner of Western State College of Law
Argosy University includes Western State College of Law (at Argosy University). Argosy’s parent EDMC has agreed to pay $95.5 million to resolve claims that it falsely obtained federal and state education funds – making this the largest False Claims Act… |
| US Returns Forfeited Public Corruption Assets of Past President to Korea
The Department of Justice returned $1,126,951.45 in forfeited assets to the government of the Republic of Korea today. The forfeited assets were the profits of a public corruption scheme orchestrated by former Korean President Chun Doo Hwan in the 1990s,…
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| Jury Says Ernst & Young Liable for Madoff Investor’s Losses
The Wall Street Journal reported that A Washington state court jury on Friday found Ernst & Young liable for millions of dollars in losses a Washington investment firm took from the collapse of Bernard Madoff’s Ponzi scheme. Read the full… |
| Standard Chartered Bank (Switzerland) Pays $6.3 Million Fine for 22 U.S. Related Tax Non-Compliant Accounts
SCB Switzerland is a private bank with a single office located in Geneva, Switzerland. It is a wholly owned subsidiary of Standard Chartered PLC, a British multinational banking and financial services company headquartered in London. SCB Switzerland joined the Standard… |
| OECD delivers international standard for collection of VAT on cross-border sales
Governments have taken an important step towards ensuring that consumption taxes on cross-border transactions are effectively paid in the jurisdiction where products are consumed, while minimising the risks that uncoordinated tax rules distort international trade. The decision by representatives of… |
| Russian Federal Tax Service publishes draft blacklist
The Russian Federal Tax Service published on the official web-site for information disclosure (www.regulation.gov.ru) the first list of states and territories that do not exchange information for tax purposes with Russia or information exchange with which did not meet Russia’s… |
| FFIEC Risk Mitigation for Cyber Attacks Involving Extortion
The Federal Financial Institutions Examination Council (FFIEC) members issued a statement alerting financial institutions to the increasing frequency and severity of cyber attacks involving extortion. The statement describes steps financial institutions should take to respond to these attacks and highlights… |
| Switzerland Final Adopts New AML Law
The Swiss Federal Council adopted the Anti-Money Laundering Ordinance (AMLO). It will enter into force on 1 January 2016. In February 2012, the Financial Action Task Force (FATF) published the revised international standards concerning the combating of money laundering and… |
| IRS Upgrades and Enhances FATCA Registration System
The Internal Revenue Service has upgraded the Foreign Account Tax Compliance Act (FATCA) Online Registration System, enabling sponsoring entities to provide additional required details. The enhancements also aid users’ ability to update their information, download registration tables and alter their… |
| UK to Remove “Intent” for Criminal Tax Evasion; Criminalize Corporates Failing to Prevent Tax Evasion; Increase Civil Penalty to 60%
Download UK Mid Year Budget Proposals – Avoidance and Evasion Tax evasion and compliance (at page 122) 3.77 A new criminal offence for tax evasion – The government will introduce a new criminal offence that removes the need to prove… |
| From Russia with Love
Financial Law Prof Blogger William Byrnes took part in the 2nd International Economic Forum “In Search of the Missing Growth” held at the Russian Federation’s Financial University in Moscow from November 24 – 26. Approximately 4,200 delegates attended from 40… |
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