Financial Transparency Coalition

The Union finance minister, Pranab Mukherjee said that the government in power is flexing its muscle hard to get back the black money swapped away abroad.

UBS AG (UBS) should pay U.S. taxes on 52,000 secret accounts held by American citizens in Switzerland as part of a settlement to a high-profile legal case between the bank and U.S. tax authorities, according to Washington-based Global Financial Integrity.

The Group of Eight* (G8) summit commenced yesterday amongst the rubble of the devastated Italian town, L’Aquila, which had been crushed by the Abruzzo earthquake on April 6th. Images of the leaders from the world’s eight biggest economies convening amongst smashed buildings provide a fitting metaphor for the world’s still caving economy. Unfortunately, it seems my brilliant solution—closing my eyes tightly and violently shaking my head—has not made it all go away. Much like devastating effects of the Abruzzo earthquake, the world’s economy continues to crumble, exposing the fault lines in our global financial system, which were easy...

ZURICH (Reuters) - Investors bet on Thursday the United States would not go as far as shutting down UBS AG (UBSN.VX) there in a tax dispute, instead expecting the Swiss bank to be hit by a hefty fine as part of a swift out-of-court settlement.