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Offshore Accounts

All articles tagged with #offshore accounts

financeeconomy2 years ago

"China Considers $278 Billion Stock Market Support Amid Market Turmoil"

China is reportedly considering a $278 billion rescue package, primarily through offshore accounts of Chinese state-owned companies, to stabilize its struggling stock markets. This comes after mainland China's CSI 300 index fell 11.4% and Hong Kong's Hang Seng index dropped nearly 14% in 2023. Chinese Premier Li Qiang emphasized the need for powerful and effective measures to stabilize the market and confidence, but no further details about the plan have been released. This potential move follows China's previous stance of not relying on massive stimulus for economic development.

via CNBC|
#china#economic-stability#financeeconomy
finance2 years ago

Banque Pictet's Admission: Assisting U.S. Taxpayers in Hiding Billions

Swiss private bank Banque Pictet et Cie SA has admitted to conspiring with U.S. taxpayers to hide over $5.6 billion in secret bank accounts in Switzerland and elsewhere, as well as concealing the income generated in those accounts from the IRS. The bank has entered into a deferred prosecution agreement and will pay approximately $122.9 million to the U.S. Treasury. This case is part of the Justice Department's ongoing investigations into offshore U.S. tax evasion by foreign banks.

via Department of Justice|
#banque-pictet#finance#offshore-accounts
finance2 years ago

Swiss Bank Banque Pictet Confesses to Assisting U.S. Taxpayers in Tax Evasion

Swiss private bank Banque Pictet has admitted to conspiring with U.S. taxpayers to hide over $5.6 billion in 1,637 secret bank accounts in Switzerland and elsewhere, as well as concealing the income generated in those accounts from the IRS. As part of a deferred prosecution agreement, Banque Pictet will pay approximately $122.9 million to the U.S. Treasury. The bank's actions were discovered as part of the Department of Justice's investigations into offshore U.S. tax evasion by foreign banks.

via Department of Justice|
#banque-pictet#finance#offshore-accounts
corruption2 years ago

"Unveiling the Global Financial Secrets: Cyprus Confidential Exposes Moscow's Mediterranean Money"

Leaked documents reveal that Cyprus-based firms connected to Russian billionaires played a significant role in facilitating backdoor dealings for the Kremlin. The investigation uncovered that Roman Abramovich, who has denied ties to Putin, sold a stake in a major Russian advertising company to individuals close to the Russian president. Additionally, German journalist Hubert Seipel, known for praising Putin, received substantial payments from offshore accounts linked to Russian billionaire Alexey Mordashov. The revelations shed light on the complex web of financial connections and potential conflicts of interest involving Russian oligarchs and their relationships with the Kremlin.

via Meduza|
#corruption#cyprus#financial-enablers
politics2 years ago

Russian billionaire Abramovich funded Putin's former teacher's apartment purchase.

Financial records reveal that the money for an apartment purchased for Russian President Vladimir Putin's former teacher, Mina Yuditskaya-Berliner, did not come from Putin, but from an offshore account secretly controlled by Russian billionaire Roman Abramovich. The transaction highlights the system of patronage and hidden wealth in Russia, where oligarchs like Abramovich know what is expected of them and play along. Abramovich has long denied any financial linkage to Putin, but the documents obtained by The Washington Post and the International Consortium of Investigative Journalists suggest otherwise.

via The Washington Post|
#abramovich#israel#offshore-accounts
finance2 years ago

Credit Suisse Accused of Aiding Tax Evasion Scheme for Wealthy Americans

Credit Suisse helped ultra-wealthy Americans evade taxes by hiding millions in assets, violating a 2014 plea agreement with U.S. authorities, according to a Senate panel report. The report found that Credit Suisse failed to report the transfer of $100 million in accounts of a U.S. family with dual citizenship to offshore accounts without notifying the Justice Department. Credit Suisse has implemented policies to root out individuals seeking to hide assets from U.S. tax officials and said it does not tolerate tax evasion. The bank is being acquired by UBS under a deal engineered by the Swiss government.

via The Washington Post|
#credit-suisse#finance#offshore-accounts
finance2 years ago

Credit Suisse Accused of Continuing to Aid Wealthy Americans in Tax Evasion

Credit Suisse has violated a 2014 plea agreement over allowing tax evasion by its clients, according to a two-year investigation by the US Senate Finance Committee. The bank helped a US businessman hide more than $220m in offshore accounts from the IRS and failed to disclose nearly $100m in secret offshore accounts belonging to a family of American taxpayers. Credit Suisse revealed that it had found 23 accounts each worth more than $20m that were not declared to tax authorities, many of them unveiled just days before the report was released.

via The Associated Press|
#credit-suisse#finance#offshore-accounts