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UBS Tax Evasion Controversies
The Swiss investment bank and financial services company, UBS Group AG, has been at the center of numerous tax evasion and avoidance investigations undertaken by U.S., French, German, Israeli, and Belgian tax authorities as a consequence of their strict banking secrecy practices. The first major tax evasion controversy the bank was involved in occurred in 2007. Bradley Birkenfeld, an American banker stationed at UBS Switzerland AG, broke Swiss banking secrecy laws to disclose client information to the U.S. Department of Justice (DOJ) alleging suspected tax evasion. After the DOJ opened an investigation, UBS was fined US$780 million and reached a limited deferred prosecution agreement that was seen as a historically significant event in the banking industry of Switzerland. Despite the brief lapse in banking secrecy, the country has Federal Act on Banks and Savings Banks, strengthened its banking secrecy laws and UBS adopted an international "Client Privacy Code" to protect clien ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
- Panoramio (4612)
The symbol , known in Unicode as hyphen-minus, is the form of hyphen most commonly used in digital documents. On most keyboards, it is the only character that resembles a minus sign or a dash, so it is also used for these. The name ''hyphen-minus'' derives from the original ASCII standard, where it was called ''hyphen (minus)''. The character is referred to as a ''hyphen'', a ''minus sign'', or a ''dash'' according to the context where it is being used. Description In early typewriters and character encodings, a single key/code was almost always used for hyphen, minus, various dashes, and strikethrough, since they all have a similar appearance. The current Unicode Standard specifies distinct characters for several different dashes, an unambiguous minus sign (sometimes called the ''Unicode minus'') at code point U+2212, an unambiguous hyphen (sometimes called the ''Unicode hyphen'') at U+2010, the hyphen-minus at U+002D and a Hyphen#Unicode, variety of other hyphen symbols for v ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
LGT Group
LGT Group is the largest royal family-owned private banking and asset management group in the world. LGT, originally known as The Liechtenstein Global Trust, is owned by the princely House of Liechtenstein through the Prince of Liechtenstein Foundation and led by its royal family members H.S.H. Prince Maximilian von und zu Liechtenstein (CEO) and H.S.H. Prince Philipp von und zu Liechtenstein (chairman). Organization LGT is headquartered in Vaduz, Liechtenstein, with a key presence in Zürich, Switzerland. The company maintains 3,405 employees in over 20 offices around the globe, Asia, Australia, Europe, the Middle East and North America. LGT operates through several divisions: * Private Banking – LGT Private Banking provides wealth management services to private clients * Asset Management – LGT Capital Partners is an alternative investment manager, with around $60 billion of capital invested in investment funds, hedge funds and private equity investments * Philanthro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Secretary Of State
The United States secretary of state (SecState) is a member of the executive branch of the federal government of the United States and the head of the U.S. Department of State. The secretary of state serves as the principal advisor to the president of the United States on all foreign affairs matters. The secretary carries out the president's foreign policies through the U.S Department of State, which includes the Foreign Service, Civil Service, and U.S. Agency for International Development. The office holder is the second-highest-ranking member of the president's cabinet, after the vice president, and ranks fourth in the presidential line of succession; first amongst cabinet secretaries. Created in 1789 with Thomas Jefferson as its first office holder, the secretary of state represents the United States to foreign countries, and is therefore considered analogous to a secretary or minister of foreign affairs in other countries. The secretary of state is nominated by the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hillary Clinton
Hillary Diane Rodham Clinton ( Rodham; born October 26, 1947) is an American politician, lawyer and diplomat. She was the 67th United States secretary of state in the administration of Barack Obama from 2009 to 2013, a U.S. senator representing New York from 2001 to 2009, and the first lady of the United States as the wife of Bill Clinton from 1993 to 2001. A member of the Democratic Party (United States), Democratic Party, she was the party's nominee in the 2016 United States presidential election, 2016 presidential election, becoming the first woman to win a presidential nomination by a major U.S. political party and the only woman to win the popular vote for U.S. president. However, she lost the electoral college to Republican Donald Trump. She is the only first lady of the United States to have run for elected office. Rodham graduated from Wellesley College in 1969 and from Yale Law School in 1973. After serving as a congressional legal counsel, she moved to Arkansas and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Associated Press
The Associated Press (AP) is an American not-for-profit organization, not-for-profit news agency headquartered in New York City. Founded in 1846, it operates as a cooperative, unincorporated association, and produces news reports that are distributed to its members, major U.S. daily newspapers and radio and television broadcasters. Since the award was established in 1917, the AP has earned 59 Pulitzer Prizes, including 36 for photography. The AP is also known for its widely used ''AP Stylebook'', its AP polls tracking National Collegiate Athletic Association, NCAA sports, sponsoring the National Football League's annual awards, and its election polls and results during Elections in the United States, US elections. By 2016, news collected by the AP was published and republished by more than 1,300 newspapers and broadcasters. The AP operates 235 news bureaus in 94 countries, and publishes in English, Spanish, and Arabic. It also operates the AP Radio Network, which provides twice ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Securities Exchange Commission
The United States Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street crash of 1929. Its primary purpose is to enforce laws against market manipulation. Created by Section 4 of the Securities Exchange Act of 1934 (now codified as and commonly referred to as the Exchange Act or the 1934 Act), the SEC enforces the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, and the Sarbanes–Oxley Act of 2002, among other statutes. Overview The SEC has a three-part mission: to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. To achieve its mandate, the SEC enforces the statutory requirement that public companies and other regulated entities submit quarterly and annual reports, as well as other periodic disclosures. In addition to annual financial reports ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Disgorgement (law)
Disgorgement is the act of giving up something on demand or by legal compulsion, for example giving up profits that were obtained illegally. In United States regulatory law, disgorgement is often a civil remedy imposed by some regulatory agencies to seize illegally obtained profits. When a private party sues for net profits, this is instead ordinarily known as restitution for unjust enrichment. Indeed, the U.S. Supreme Court has noted in '' Liu v. SEC'' (2020) that disgorgement is simply another term for restitution, and is subject to equitable limitations. Most notably, equity does not "penalize," so agencies cannot disgorge more than the net profits that resulted from the wrongdoing. Overview Disgorgement is a remedy used in US securities law. For example, disgorgement of short-swing profits is the remedy prescribed by § 16(b) of the Securities Exchange Act of 1934. The second edition of '' American Jurisprudence'' states that: Although not labelled "disgorgement, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Raoul Weil
Raoul Weil (born 13 November 1959) is a Swiss banker. Weil is best known as being the former chairman and chief executive officer of Global Wealth Management & Business Banking at UBS AG. Weil eventually became a member of UBS's group executive board. During Weil's tenure at UBS, the bank became embroiled in the 2008-09 U.S. tax evasion controversy, which led to Weil's voluntary departure from the bank after he was indicted by the U.S. Justice Department for allegedly offering help to thousands of UBS's U.S. clients who failed to pay their federal income taxes. Arrested in October 2013 during a trip to Italy, Weil has been extradited to the United States. On December 16, 2013, Weil was released on $10.5 million bail by the federal district court in Fort Lauderdale, Florida. The trial began in Ft. Lauderdale on October 14, 2014, and the jury found him not guilty on November 3, 2014. Early life Weil was born in Switzerland. Weil graduated from the University of Basel with a degre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
BusinessWire
Business Wire is an American company that disseminates full-text press releases from thousands of companies and organizations worldwide to news media, financial markets, Financial statement, disclosure systems, investors, information web sites, databases, bloggers, social networks and other audiences. It is a wholly owned subsidiary of Berkshire Hathaway. History Business Wire was founded in 1961 by Lorry I. Lokey. It started by sending releases to 16 media outlets in California. Business Wire launched its website in May 1995. In 2000, ahead of its main competitor PR Newswire, Business Wire ended the practice of distributing news to financial outlets 15 minutes before anyone else, to provide immediate, equal access to company information as noted by the SEC's fair disclosure regulation (Reg FD). Business Wire's first wholly owned European operation launched in 2001, with the opening of an office in London. On June 1, 2005, Business Wire entered the German Ad-Hoc market with a dis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Racket (crime)
Racketeering is a type of organized crime in which the perpetrators set up a coercion, coercive, fraud, fraudulent, extortionary, or otherwise illegal coordinated scheme or operation (a "racket") to repeatedly or consistently collect a profit. The term "racketeering" was coined by the Employers' Association of Greater Chicago, Employers' Association of Chicago in June 1927 in a statement about the influence of organized crime in the International Brotherhood of Teamsters, Teamsters Union.David Witwer, "'The Most Racketeer-Ridden Union in America': The Problem of Corruption in the Teamsters Union During the 1930s", in ''Corrupt Histories'', Emmanuel Kreike and William Chester Jordan, eds., University of Rochester Press, 2004. Specifically, a racket was defined by this coinage as being a service that calls forth its own demand, and would not have been needed otherwise. Narrowly, it means coercion, coercive or fraud, fraudulent business practices; broadly, it can mean any criminal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money Laundering
Money laundering is the process of illegally concealing the origin of money obtained from illicit activities (often known as dirty money) such as drug trafficking, sex work, terrorism, corruption, and embezzlement, and converting the funds into a seemingly legitimate source, usually through a front organization. Money laundering is illegal; the acts generating the money almost always are themselves criminal in some way (for if not, the money would not need to be laundered). As financial crime has become more complex and financial intelligence is more important in combating international crime and terrorism, money laundering has become a prominent political, economic, and legal debate. Most countries implement some anti-money-laundering measures. In the past, the term "money laundering" was applied only to financial transactions related to organized crime. Today its definition is often expanded by government and international regulators such as the US Office of the Comp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Whistleblower Office
The IRS Whistleblower Office is a branch of the United States Internal Revenue Service that will "process tips received from individuals, who spot tax problems in their workplace, while conducting day-to-day personal business or anywhere else they may be encountered." Tipsters should use IRForm 211to make a claim. History and operations The program has existed since the 1800s in various forms and is intended to uncover companies and individuals who are underpaying their taxes or otherwise committing tax fraud. To motivate people to notify the IRS of first-hand knowledge of tax-evasion schemes, such as improper tax shelters or transfer pricing abuse, the U.S. Congress directed the IRS to pay tipsters at least 15% and as much as 30% of taxes, penalties, and interest collected in cases where $2 million or more is at stake. 2006 Amendments Establishing the Whistleblower Office Section 406 of the Tax Relief and Health Care Act of 2006 and Section 7623(b) of the Internal Revenue Co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
