OffshoreAlert
Daily news, documents and intelligence about Offshore Financial Centers and those who conduct business in them that you will not find anywhere else.
RSS Feed Print
WSJ article on UBS mentions OffshoreAlert
Internal Administrator
Posted: Saturday, August 13, 2011
Joined: 10/12/2010
Posts: 5779


Posted: 7/16/2009 9:50:16 AM

By: David Marchant

See Wall Street Journal article on UBS investigation, focusing on Dan Reeves and John McDougal.

http://online.wsj.com/article/SB124749371765532639.html

One paragraph reads: "The two have received little notice but have been deposed by UBS's lawyers in recent weeks. In an appearance rare for the IRS, the two spoke at an April conference organized by financial-crime publication OffshoreAlert. Though they didn't specifically discuss the UBS case, they talked about a playbook for chasing tax evaders, including initiatives the IRS has undertaken to cut down on tax evasion and the use of summonses to obtain information."


Anonymous
Posted: Saturday, August 13, 2011

Posted: 7/17/2009 10:19:01 AM

By: knightmare3000

that remains to be seen. however one thing about US clients and accounts in Caymans or Bahamas: remember that a large majority of HEDGE FUNDS are located or have their articles of incorporation in the Caymans and Bahamas. it reads like a "who's who" of most US stock brokerage firms and US banks that operate hedge funds. now then, since these funds have many billions of dollars and can generate substantial revenue in taxes for both the US and the countries of Caymans or Bahamas,I think those countries will allow US customers at their banks. furthermore, the late legendary mutual fund operator, Sir John Templeton,lived and worked in the Bahamas for years, see esp. his Canadian based Templeton Growth fund . I am certain that he built up contacts in the political arena when he was there. So Caymans and Bahamas will have US clients for many a year to come,albeit with the paper work/registration that practically gives the information directly to the US Treasury in real time.. UBS may come or go. Hedge funds and their managers (e.g. the Long Term Capital Management that has offices in Connecticut but is a partnership based in the Caymans)are the money of the future. As the old adage says: "money talks". In this case the taxes , surtaxes,registration fees generated by them is considerable. Then on top of that, I am certain there have also been "soft political campaign contributions " to politicians in the US,Canada,Caymans,and the Bahamas by the various hedge funds and their organizations. it is legal. it is free of the taint of drug money or organized crime. so it shall remain.


Anonymous
Posted: Saturday, August 13, 2011

Posted: 7/16/2009 11:23:18 AM

By: I don't think so

UBS will not release the names of any more US clients, but will pay a hefty fine.

After that it will be business as usual…


Anonymous
Posted: Saturday, August 13, 2011

Posted: 7/16/2009 10:47:59 AM

By: knightmare3000

I think that with all that has been written on UBS the following is likely to happen:

1. after much hoopla and posturing,UBS will settle with US Dept. of Treasury and release the names of US clients that they have. this they will do after getting something or some perk from the US Dept. of Treasury

2. most Swiss banks will not have US clients after this.

3. offshore activity,legitimately,will survive but in a different format. ,i.e. less "hiding a stash" and more overseas investments or business commercial accounts. I am told that the Mcdonald's corporation now has an business office in Switzerland. so giant corporations will still go offshore


4. wealthy US clients and high net worth individuals ( HNW) will seek other countries for placing their assets ( i.e. Denmark, Hong Kong, Singapore, Caymans, Bahamas, and in some instances Uruguay or Andorra).

5. The following will NOT have US clients to any significant degree in the future: Channel islands ( Jersey,Isle of Man,Guernsey),Gibraltar,Panama, Austria, Luxembourg,Liechtenstein,Switzerland,and Netherlands.

6. other parts of the Caribbean( BVI,Turks and Caicos, Dominica, Antigua,Curacao,Aruba,Belize,Barbados,St. Kitts,St Vincent and the Grenadines,St. Lucia,Nevis,Montserrat,etc) will NOT be used by US wealthy clients .they will be used by the South American , Mexican,or Russian organized crime outfits.they will also ,however, be used by legitimate wealthy clients from Europe , UK,or Canada in certain instances .

so the the more things chang...the more they remain the same.


 

Jump to different Forum... 

We hunt for red flags in high-value, cross-border finance by monitoring offshore and onshore courts, regulatory actions, offering documents, and other sources - and email you the results.

View Recent Digests

BAHAMAS  
BERMUDA  
BRITISH VIRGIN ISLANDS  
CAYMAN ISLANDS  
Cayman Court Secrecy: A Huge Red Flag for Foreign Investors & Clients
David Marchant
As any fule kno, the biggest enemy of fraud, corruption, money laundering, and other forms of financial crime is transparency, while their best friend is secrecy. That's why the unprecedented mass sealing of cases that's taking place at the Financial Services Division of the Grand Court of the Cayman Islands is repugnant to anyone with a genuine concern for financial crime.