Financial Transparency Coalition

A few weeks ago, U.S. Representative Gregory Meeks (D-NY) and Rep. Bill Posey (R-FL), introduced a bill aimed at demolishing the Internal Revenue Service’s plan to discourage money launderers and terrorists from hiding money in the United States. The IRS plan would require American banks to report interest paid to foreign citizens who live outside the United States and who have deposits in U.S. banks. This new requirement would actually put foreigners on level footing with U.S. permanent residents, who under current law, must report their bank deposits to the IRS and pay taxes on the interest they earn. I...

Today, NBC News reports that a Delaware company made a $1 million contribution to a PAC supporting Mitt Romney about six weeks after it was formed, and then dissolved two months later. This ripped-from-the-headlines story of a corporation that was created for the sole purpose of laundering massive political contributions highlights the need for a bill that was just introduced this week in the U.S. Senate. The company, called W Spann LLC, filed a certificate of formation on March 15 with no information about the owners or the business purpose of the entity. On April 28, the LLC made a...

U.S. hands over Libyan Embassy to rebel movement, official says CNN, August 4, 2011 U.S. Report Finds Foreign Companies Aid Iran Energy Sector Wall Street Journal, August 4, 2011 Mauritanian judges learn to combat terror financing Magharebia, August 4, 2011 Shadowy Shell Companies Targeted by U.S. Senate Bill Reuters, August 4, 2011 IRS requires disclosure

The Swiss government is about to conclude new tax deals with Germany and the UK. As was reported on the Task Force blog recently, and updated on the Tax Justice Blog, the Swiss withholding tax proposal poses a major threat to the EU's struggle for tax transparency.  In the meantime, reliable Swiss sources have revealed further details of the impending deals. 1. Germany and the UK will no longer require their citizens to declare their Swiss income. It's noteworthy that under the bilateral Swiss-EU Savings Tax Agreement, in force since 2005, Switzerland already charges a withholding tax (currently 35%)...